Friday, June 27, 2025

IMPACT WATCH NETWORK
Leading true information for positive global change.

Ramadan 2024: Islamic philanthropy surges to record high as UN delivers warning

Islamic philanthropy raised a record $46 million for 2 million displaced people in...

Battling green skill shortage in the quest for a sustainable economy

Growth in demand for green skills is outpacing the increase in supply -...

Nigeria to get WHO-recommended new malaria vaccine by Mid-2024

The World Health Organisation has recommended a new vaccine, R21/Matrix-M, for the prevention...

Google announces N75m equity-free fund for Nigerian SMBs

Google has announced the opening of applications for the Hustle Academy SMB Fund...
HomeSustainable BusinessSMEDAN, Sterling Bank...

SMEDAN, Sterling Bank launch N5bn loan package for 10,000 SMEs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank Plc are launching a N5 billion empowerment program poised to uplift 10,000 small businesses in a landmark partnership. 

Director-General of SMEDAN, Charles Odii, who revealed this in Abuja, said this innovative loan program, distinguished by a single-digit interest rate, would be made accessible within the next two weeks.

At the Memorandum of Understanding (MoU) signing ceremony in Abuja, Odii reiterated SMEDAN’s unwavering commitment to democratising access to finance, recognising the substantial challenge faced by 90-93 per cent of small businesses in securing funding.

The meticulously crafted loan program, spanning various sectors, seeks to empower small businesses and address the prevalent scarcity of finance. 

Odii emphasised SMEDAN’s dedication to making the finance access experience holistic, advising small businesses to approach available financing strategically.

The Managing Director of Sterling Bank, Abubakar Suleman, pledged to leverage cutting-edge technology, particularly the “banker” application, to streamline the loan process.

This comprehensive tool not only simplifies loan access but also assists beneficiaries in organizing business records and managing repayments efficiently.

Suleman underscored the straightforward requirements for accessing the loan, encouraging small businesses to maintain meticulous financial records, separate personal and business finances, and remain sharply focused on competition. 

He explained that the partnership aspires not only to provide financial assistance but also to guide small businesses toward becoming entities capable of attracting commercial funding.

According to him, with a strategic emphasis on growth and continuous improvement, the initiative anticipates that a significant number of the 10,000 beneficiaries will swiftly enhance their business practices, outgrowing the initial funding. 

He further stated that this visionary approach positions the loan program as a catalyst for small businesses to standardize operations and embark on a trajectory of sustainable expansion and success.

Source: National Economy

Do you want to share your impact stories or pitch the coverage of your CSR event to us? E-mail: editor@impactwatch.net or *Phone +234-806-795-0250 (Whatsapp &Text)

We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this. Your kind donation will help our continuous research efforts.

Get notified whenever we post something new!

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

spot_img

Seize the spotlight!

Experience unparalleled exposure and skyrocket your business!

Continue reading

2025 WED: FBRA deepens circular economy awareness with community engagements

The Food and Beverage Recycling Alliance (FBRA) reaffirmed its commitment to environmental sustainability with a series of impactful activities to mark the 2025 World Environment Day (WED). The 2025 WED was celebrated globally under the theme; Beat Plastic Pollution. The Executive...

UN, Sterling One Foundation, others lead private sector push for accelerated SDG delivery

Private sector leaders, development partners, and senior policymakers recently convened at a high-level CEO Roundtable co-hosted by the United Nations Global Compact Network Nigeria, Sterling One Foundation, and the United Nations in Nigeria. The gathering, held in Lagos, rallied the...

BATN Foundation supports farmers for agribusiness growth

The British American Tobacco Nigeria (BATN) Foundation has launched the second phase of its rice farming support program in Ebonyi State with the distribution of farming inputs to 200 smallholder farmers ahead of the 2025 planting season. The beneficiaries were...

Enjoy exclusive access to all of our content

Get an online subscription and you can unlock any article you come across.