Small and Medium Business Owners are in for an exciting period as Sterling Bank, one of Nigeria’s Banks has completed plans to support entrepreneurs, small and medium-sized business owners with 50 billion Naira loans. These Loans can then be repaid within 24 months, a complete departure from what other existing Nigerian banks offer.
The Bank, speaking through her Group Head, Retail Assets and Liability, Mrs. Benedicta Sadoh said it has a developed scheme known as the Business Support Facility where operators of small businesses can access funds to grow their businesses in a sustainable manner.
The Entrepreneur Africa understands that the scheme is targeted at businesses that generate cash flow daily, like most SMEs, and the rental is monthly.
“The scheme is targeted at entrepreneurs, where you can access loans to meet your urgent business needs and it is payable over an extended period of 24 months. So, you have to pay conveniently over a dedicated period of time with processing time of 48 hours and minimal documentation period.
“The difference between sterling and other banks in terms of this offer is that most banks do a 12 months offer for entrepreneurs because of the volatility of their business but we have extended our repayment tenure from the standard of 12 months, which other banks do to 24 months,” Mrs. Sadoh said.