Apply for Agric Loan from Sterling bank in partnership with Mastercard Foundation in Nigeria
Apply for Agric Loan from Sterling bank in partnership with Mastercard Foundation in Nigeria
GOOD NEWS FOR EVERYONE IN THE AGRIC SPACE
Sterling bank, in partnership with Mastercard Foundation is launching a single digit loan aimed at improving access to finance for those in the Agric Space. Access up to N20million for your business to acquire raw materials, buy equipment.
Loan Limit
- Anchor companies: NGN250million
- Cooperative groups: NGN25million
- SMEs: NGN20million
- Individual/Startup: NGN5Million
- Smallholders: NGN250,000
Pricing
- 9% interest rate per annum (ie approximately 0.75% per month);
- 2% fees (no hidden charges)
- Insurance – 2.5%-3.5% per annum depending on livestock or crop.
Maximum Tenor:
2 years
Eligibility
- Open an account with the bank with a minimum of N1,000. Individuals/Startups can open personal accounts if you are yet to register your business. Click here to open an account with Sterling bank on the go – https://sterlingonlineaccount.sterling.ng/#/
Or download ‘One Bank’ app and open on it as well.
- Must be a player in the Agribusiness value chain
- 70% Women; 30% Men
- Startup businesses/Individuals to access up to N5million
- Minimum of 20 farmers per group and maximum of 1,000 farmers for cooperatives & anchor companies.
- Registered Anchor Company/cooperatives (Must have been in existence for more than 1 year).
- Businesses registered under CAMA (Minimum of at least 6 months from date of incorporation) for SMEs.
Apply for Agric Loan from Sterling bank in partnership with Mastercard Foundation in Nigeria
Collateral
Individual/Cooperative
- Contribution of minimum of 5% of approved amount as Cash Collateral by Farmer and associations.
- Off-taker agreement between farmers and off-takers.
- Agric Insurance
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SMEs
- Contribution of minimum of 10% of approved amount as Cash Collateral.
- Agric Insurance cover
Anchor Company
- Contribution of minimum of 5% of approved amount as Cash Collateral.
- Domiciliation of sales proceed.
- Off-taker contracts from buyers
- Agric Insurance cover
The platform is yet to be launched, but because you are a part of this group, you will be among the first people to access the facility as well as provide feedback in your experience, please click the link below to sign up.
https://sterling.ng/swayagfin/
If you have any issues or encounter any challenge, please send a mail to Agric&finance@sterling.ng
All the best.
Read also: How to Apply for N10million CBN AGSMEIS loan Today
