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SMEDAN and Sterling Bank Collaborate to Empower MSMEs with Single-Digit, Non-Collateralized Loans

SMEDAN and Sterling Bank Collaborate to Empower MSMEs

  • Dayo Adetiloye Business Hub
SMEDAN and Sterling Bank Collaborate to Empower MSMEs with Single-Digit, Non-Collateralized Loans
SMEDAN and Sterling Bank Collaborate to Empower MSMEs with Single-Digit, Non-Collateralized Loans

In a groundbreaking partnership, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank have joined forces to offer a total of ₦5 billion in single-digit, non-collateralized loans to Micro, Small, and Medium-sized Enterprises (MSMEs). The Memorandum of Understanding (MOU) formalizing this collaboration was signed on Wednesday, November 22, at the SMEDAN Corporate Headquarters in Idu, Abuja.

Expressing his gratitude, Mr. Charles Odii, the Director General of SMEDAN, commended Sterling Bank for taking a proactive step in providing affordable, accessible, and available funding for SMEs at a single-digit interest rate. He emphasized the significance of this milestone for the growth and sustainability of MSMEs.

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In response, Mr. Abubakar Suleiman, the Managing Director/CEO of Sterling Bank, conveyed optimism about the new partnership. He stressed the importance of MSMEs maintaining proper financial records, separating personal funds from business funds, and acquiring the necessary knowledge for business sustainability. Additionally, he pledged Sterling Bank’s commitment to collaborating with SMEDAN in establishing a robust platform for SME data in Nigeria, a move that will democratize access to finance for MSMEs.

MSMEs interested in accessing these funds are encouraged to visit www.smedan.gov.ng/smedansterling to apply. The loan amounts range from ₦250,000 to ₦2,500,000, depending on the business’s record status. Successful repayment qualifies MSMEs for higher sums to support business growth or expansion.

 

Read also: Empowering MSMEs, Ogun state unleashes N1 billion grant under OG-cares program

Mr. Charles Odii urged the dissemination of information about these funds to every corner of Nigeria, recognizing that previous government-funded initiatives often suffered from a lack of awareness or understanding of the application procedures among MSMEs. He reaffirmed SMEDAN’s commitment, under his leadership, to securing more SME-friendly funds and ensuring widespread dissemination of such information within the MSME ecosystem. This collaboration represents a significant step towards empowering MSMEs and fostering economic growth in Nigeria.

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Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness

Share this:

Enter your name and email and Download our FREE eBook, get the weekly newsletter, Update on Grants, Business Opportunities & Premium Services from DayoAdetiloye.com... Joining is FREE!

Dayo Adetiloye Logo

Author

Dayo Adetiloye Logo

Lets connect

Facebook Twitter Youtube

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness

Share this:

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