10,000 MSMEs To Access N5bn Single-Digit Loan – SMEDAN - Naija Stick

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10,000 MSMEs To Access N5bn Single-Digit Loan – SMEDAN

Nov 28, 2023


 10,000 MSMEs To Access N5bn Single-Digit Loan – SMEDAN:The Small and Medium Enterprises Development Agency (SMEDAN) and Sterling Bank have teamed up to bridge the financing gap in Nigeria’s Micro, Small, and Medium Enterprises (MSME) sector. They unveiled a 5 billion fund in Abuja yesterday!


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The Director General of SMEDAN, Mr. Charles Odii, explained that this fund aims to make it easier for Nigerian businesses to access finance, especially since capital has been a major challenge for many.

He said, ‘SMEDAN’s goal is to help MSMEs access finance, which is why we’ve partnered with Sterling Bank to sign this memorandum of understanding. The plan is to create a 5 billion fund with a single-digit interest rate for small businesses in various sectors.’

Odii also mentioned that the funds will be available in just two weeks. They aim to support 10,000 MSMEs and ensure a seamless process across the country.

The Chief Executive Officer of Sterling Bank, Abubakar Suleiman, added, ‘We’ll provide the credit facility at a single-digit interest rate, as part of our corporate social responsibility. Out of the 10,000 MSMEs, we hope that 2,000 will grow their businesses and seek commercial funding.’

When it comes to accessing the loans, Suleiman mentioned that they’ll use technology platforms to make it convenient. Business owners can access a platform called ‘Banker’ from anywhere in the country, without having to queue up at a physical location.

Exciting news, isn’t it? This fund will definitely make a difference for Nigerian businesses in need of financial support.