Small and medium scale enterprises (SMEs) are the major pillars of rapid growth, as they are significant contributors to job creation and economic development. As part of its continued efforts to assist the growth of businesses in Nigeria, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is granting SMEs rapid access to loan facilities.
Over the years, several small business owners across the nation have benefitted from the SME loan, and they have testified to the accessibility of the loan, and how the facility came in handy in sorting out their urgent financial needs.
A beneficiary, Chukwuemeka Vincent Uwakwe, a stockfish importer and wholesaler in Aba, Abia State, recently lauded the bank for granting him the loan, without any stress or hassles. According to him: “I had no challenges trying to access the loan. All I did was open an account and write a request for the loan.”
“The deployment process was not difficult, and it was easy because the interest was very low. I had enough to pay back because I was not under pressure” he added.
This credit solution is geared towards encouraging SME growth in an ever evolving economy. These enterprises account for the majority of businesses in the country and it is indeed exciting to see the impact this facility is making for SMEs and the nation at large.
With the volatile economic situation, it is no news that restaurant owners, traders, tailors, poultry farmers, fish farmers, merchants, electronic salesmen, artisans and fashion designers require funds to purchase raw materials or commodities. Other times, logistics may be the issue SMEs have to contend with. Whatever the challenge is, the SME loan can help to ease the cost of running the business.
Stanbic IBTC understands that many SMEs may not have the funds for the day-to-day costs of running the business, and as such the loan facility has been specifically tailored to aid them in this regard.
A great benefit of the SME loan is its flexible repayment plan, which is tailored to the cash flow of the enterprise. This creates some form of stability for the SMEs, which will, in time, bolster the business and help in expansion in the long run.
Another remarkable feature of the SME loan is its convenience. Regular loans usually require cumbersome documentation, including loan purpose papers, tax returns, collateral documents, proof of assets, etc. However, this loan facility requires minimal documentation, making it easy for SMEs to access funds within 48 hours of applying.
The loan is available to all SMEs, and it offers a minimum loan size of ₦50,000 and a maximum loan size of ₦10 million.
For further enquiries on SME Loan, you can visit any Stanbic IBTC branch near you, or contact us on 0700 333 3333 or enterprisedirect@stanbicibtc.com, or you can visit our website www.stanbicibtcbank.com/nigeriabank/business to learn more about our products and services.
