Sterling Bank and SMEDAN and Sign Historic 5 Billion Naira Loan MOU to Boost MSMEs across Nigeria
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has partnered with Sterling Bank Plc to sign a Memorandum of Understanding (MOU) for a 5 Billion Naira loan for MSMEs across Nigeria. This agreement will focus on empowering Nigerian micro, small, and medium enterprises (MSMEs), with loans ranging from 250,000 to 2,500,000 Naira at an accessible and affordable single-digit interest rate.
Speaking at the signing of the agreement, Charles Odii, Director-General of SMEDAN, said, “This partnership with Sterling Bank is highly significant in SMEDAN’s journey to support and nurture the growth of MSMEs in Nigeria. By offering accessible financing options at a single-digit interest rate, we are creating accessible pathways for viable MSMEs to invest in their businesses. This partnership which is one of many to come, will serve to further develop a thriving ecosystem for small businesses that will drive innovation, create jobs, and diversify the economy in line with the vision of President Bola Tinubu’s administration.”
This initiative is in line with President Tinubu’s commitment to propel economic prosperity among small businesses, an essential sector for the nation’s economic growth. Applications for the loan are now open, and interested MSMEs are encouraged to visit SMEDAN’s website to learn more and apply. With this initiative, SMEDAN and Sterling Bank reaffirm their commitment to the prosperity and growth of small and medium enterprises across Nigeria.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a government-backed agency dedicated to the promotion and development of the MSME sector in Nigeria. Through policy advocacy, capacity building, and financial support, SMEDAN plays a pivotal role in driving the growth and sustainability of small and medium enterprises in the country.
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