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.