Nigeria: Standard Chartered introduces Loan for Small and Medium-sized Enterprises

Standard Chartered has introduced the Smart Business Loan (SBL) product for Small and medium-sized enterprises (SMEs) customers in Nigeria.

Smart Business Loan is an unsecured instalment/term loan to Business Banking clients within key target sectors. Qualified Business Banking Clients will be able to access up to N20 million loan without providing tangible security/collateral to purchase asset, finance business expansion and other capital expenditure needs.

The bank in a statement said this loan is designed to help SMEs meet its short to medium term needs.

Speaking on the product, head of Consumer, Private and Business Banking (CPBB), David Idoru, said, “As a Bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth.

“Within our CPBB, the promotion of commerce is largely done through our Business Banking segment by banking Small and Medium sized enterprises. We are constantly looking for ways to ensure our clients get access to the needed support to enable their businesses thrive and SBL provides the necessary flexibility for Business growth.”

He added that prior to the launch of the product, clients were required to provide full collateral cover to access loans from the Bank’s Business Banking segment however SBL provides the necessary flexibility to our clients.

It is accessible to new and existing clients of the Bank with no waiting period, including Small and Medium Scale organisations, and they can access up to ₦20 million in loans without collateral for a maximum tenure of two years.