SMEDAN Loan Application Form Portal 2024/2025
Are you interested in applying for the SMEDAN/Sterling Loan? This information is for you. Within it, we’ve compiled all the details to guide you through the SMEDAN/Sterling Loan 2024/2025 application process, including, eligibility criteria/requirements, important documents needed for a successful application, and how to apply. Make sure you read the instructions carefully before applying.
What is the SMEDAN/Sterling Lending Scheme all about?
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.
What types of businesses are eligible to apply?
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.
Are there business types that are exempted?
Yes, exempted businesses include specialized businesses such as haulage companies, petrol stations, healthcare facilities, schools, and firearms/armory businesses.
Does the loan require collateral?
No, collateral is not required to access the SMEDAN/Sterling loan.
What is the maximum amount a customer can get?
The maximum available amount is Two Million Five Hundred Thousand Naira Only (N2, 500,000).
What is the minimum amount a customer can get?
The minimum available amount is Two hundred and Fifty Thousand Naira Only (N250, 000).
What is the maximum tenor for repayment?
The maximum tenor for repaying the loan is 12 months.
What is the interest rate?
The interest rate for the SMEDAN/Sterling loan is a single digit (less than 10%).
What information is required as part of the application?
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
SMEDAN Loan Application Portal
Check the SMEDAN/Sterling Loan Application Form Portal Here: https://smedan.gov.ng/smedan-loan
SMEDAN Loan Application Update 2024
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