By Modupe Gbadeyanka
A credit facility package targeted at small business owners in Nigeria called Smart Business Loan (SBL) has been introduced by Standard Chartered Bank.
The product was designed to help players in the Small and Medium Enterprises (SMEs) sector meet their short to medium-term needs. It is an unsecured instalment/term loan to business banking clients within key target sectors.
A statement from the lender explained that qualified business banking clients will be able to access up to N20 million loan without providing tangible security/collateral to purchase assets, finance business expansion and other capital expenditure needs.
The maximum tenor for the credit facility is two years, Business Post gathered.
Before now, customers were required to provide full collateral cover to access loans from the bank’s business banking segment but SBL provides the necessary flexibility to its clients.
“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,” the Head of Consumer, Private and Business Banking (CPBB), at Standard Chartered Bank Nigeria, Mr David Idoru, stated.
“Within our CPBB, the promotion of commerce is largely done through our business banking segment by banking SMEs.
“We are constantly looking for ways to ensure our clients get access to the needed support to enable their businesses to thrive and SBL provides the necessary flexibility for business growth,” Mr Idoru added.
