SME FAQs

FAQs on business support facility (BSF)

It is a lending scheme targeted at SMEs.

Supermarkets, Hotels & Lounges, FMCG Distributors, FMC Service Providers and Retailers. Filling stations are excluded under this scheme.

Yes, but the customer’s business must have been registered and in operation for a minimum of 3 years

The maximum single obligor limit is N20 Million. Amount up to N5 Million does not require collateral.

Amount up to N5 Million does not require any collateral while amount above N5 Million and up to N20 Million requires tangible collateral

Differentiated interest rate subject to customer’s credit score

Yes. Mgt & Advisory Fees @ 2% flat (upfront) and Insurance Fee @ 2.5% flat (upfront)

Up to 18 months for unsecured loans and Up to 24 months for secured loans

Business must have been registered with CAC and operated for a minimum of 3 years

Customer must have a verifiable and identifiable business location

Must have been operating from the verified and identified business location for a minimum of 2 years with an unexpired rent tenure of 6 months (if rented or leased)

Minimum of 1 month banking relationship with Sterling Bank supported with 12 months’ bank statement with any other commercial banks

Customer must be conducting an average monthly turnover of N2 million

Customer can access a maximum of 50% of average monthly turnover

Verified Business location rent receipt (with an unexpired rent tenure of 6 months) or ownership documents

Certificate of incorporation/ Certificate of registration

Customer’s application/commitment letter stating the following;

1. The purpose and needs for loan

2. Commitment to achieve a minimum of 200% turnover of the facility amount monthly

3. Commitment to meet all obligations

Letter of indebtedness to other banks (Refinancing)

12 months’ account statement from any other commercial bank (Newly onboarded customers)

Executed Checklist Document

Customer’s Application Letter

Executed Offer Letter

Credit Facility Agreement

Booking memo

For further enquiries, please contact:

Fatai Jelili, Head SME Sales Unit via fatai.jelili@sterlingbank.ng  or 08175102620

Idris Busari, SME Sales Officer via       idris.busari@sterling.ng or 08054114072

 

 

Olivia Onyejekwe, SME Sales Officer via Olivia.onyejekwe@sterling.ng or 07086148950

Oluwafemi Obisesan, SME Sales Officer via
oluwafemi.obisesan@sterling.ng or 08065436182