The SMEDAN/Sterling loan is a single digit interest rate loan targeted at Nano, Small and Medium Sized businesses in Nigeria, designed to aid and drive business growth while contributing to the growth of the Nigerian economy. This is part of Sterling Bank’s continuous effort to support small businesses in the country to grow and scale their businesses, which aligns with the SMEDAN mandate.

The SMEDAN/Sterling loan can be accessed through a 2-step process:

• Step 1 – The customer would need to sign up on the SME Databanc platform powered by SMEDAN to generate a Promoter and Business ID, which are required for the application.
• Step 2 – The customer should then download the Banca by Sterling mobile app from Google Play or AppStore, sign up and apply.
  You will be notified as soon as the platform is open for application

No. It is not a grant, but a Sterling bank loan subsidized to support small business growth, based on the partnership with SMEDAN

No. This is a Sterling Bank initiative from the partnership with SMEDAN to drive economic growth through small business development.

The SMEDAN/Sterling loan is open to businesses that are registered with the Corporate Affairs Commission (CAC) at the time of application and have been in operation for at least 18months.

You will need to register your business with the CAC to access the loan application and get your TIN from the relevant agencies. If you need support, you can visit https://thebusinesshub.ng for guidance and assistance.

Yes, exempted businesses include specialized businesses such as haulage companies, petrol stations, healthcare facilities, schools, and firearms/armory businesses.

The accounts of the business with Sterling or other banks will be analyzed based on our lending criteria before a decision is made on eligibility.

No, collateral is not required to access the SMEDAN/Sterling loan.

The maximum available amount is Two Million Five Hundred Thousand Naira Only (N2,500,000).

The minimum available amount is Two hundred and Fifty Thousand Naira Only (N250,000).

The maximum tenor for repaying the loan is 12 months. 

The interest rate for the SMEDAN/Sterling loan is a single digit (less than 10%).

There are no hidden charges. If a customer’s application is approved, they will only be charged a 1% management fee and a 2.5% insurance fee, both of which will be collected upfront after disbursement.

The following information will be required from customers applying for the SMEDAN/Sterling loan:

• 
  Business Name
  RC/BN number
  Tax identification number for the business
  Date of incorporation of the business
  Business Account number for analysis
  Bank Verification Number
  Promoter name

This loan is available to both Sterling and Non-Sterling account holders, however customers will be required to open and run Sterling Business Accounts after their loan applications have been approved.