SMEDAN, Sterling Bank unveil N5bn loan for small businesses

SMEDAN and Sterling Bank’s Initiative to Support Small Businesses

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has collaborated with Sterling Bank Ltd. to unveil a 5 billion naira initiative called “Databanc” to address financial gaps for small businesses in Nigeria.

Key Details:

1. Databanc Loan:
   • A 5 billion naira single-digit loan facility
   • Aimed at providing easier access to funds for Nano, Micro, Small, and Medium Enterprises (NMSMEs)
2. Objectives:
   • To provide local and tailored support for businesses at the smallest levels
   • To facilitate access to markets and other factors that drive entrepreneurship
   • To aid Nigeria’s export potential
   • To provide accurate data information about nano enterprises to drive their growth and sustainability
3. Addressing Challenges:
   • SMEs have historically complained about not having easy access to financial interventions
   • The Databanc platform aims to provide accurate data on nano, micro, and small businesses in Nigeria
   • It will also facilitate the requisite business support for these enterprises
4. Commitment to Small Business Development:
   • SMEDAN has reiterated its commitment to the development of small businesses across the country
   • They have urged SMEs to trust in the agency for all-round support