Sterling Bank Plc has just launched a N50 billion Support Facility for Micro, Small and Medium Scale Enterprises (MSME) in the country

Mrs. Benedicta Sadoh, the Group Head, Retail Assets and Liabilty, Sterling Bank, spoke at a press briefing in Lagos yesterday. She stressed on the importance of Small and Medium Business Enterprises to the economy.

She said this was confirmed by several surveys and research conducted by the bank before the launch of the SME Banking Project.

Furthermore: she said, “The new product comes with flexible interest rates. The maximum amount of loan a customer with collateral could get is N20 million while those without collateral could get up to N5 million and the processing time is 48 hours and with minimal documentation.”

Sadoh said: “The Business Support Facility is targeted at businesses that generate cash flow daily and the rental is monthly.

“The scheme is based on a digital score card. It is a scoring process where information about the prospective customer is used to determine the applicable interest based on his financial worth. Therefore the scheme does not have a fixed interest rate.

She stressed on the challenges of MSMEs.

“MSMEs have a lot of challenges to contend with, particularly in the area of access to finance, adding that in line with the vision of the bank of impacting lives and developing solutions, Sterling Bank has developed a scheme known as the Business Support Facility.”

She further said the scheme was targeted at entrepreneurs to access loans to meet their urgent business needs and is payable over an extended period of 24 months.