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The single-digit interest rate loan is targeted at providing financial support and expansion for small and medium enterprises (SMEs) in Nigeria. The Sterling Bank and SMEDAN partnership has created a comprehensive database for SMEs to gain access to financial solutions and intervention initiatives. It is a formidable partnership aimed at boosting Nigeria’s economic growth and development by enhancing job creation.
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To be eligible for the program:
- Applying businesses must be registered with the Corporate Affairs Commission.
- Businesses applying must have been in operation for at least 18 months.
- Applicants must have a clean credit record.
- Specialized businesses such as healthcare facilities, petrol stations, haulage companies, firearms and armoury businesses, and haulage businesses are excluded from the program.
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Some of the benefits of applying for the program include:
- Access to a single-digit interest rate loan is a cost-effective and good financing option for SMEs.
- Flexible terms of repayment.
- The application process is completely digital and collateral-free.
- Expert advice and support from SME specialists at Sterling Bank.
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