The Chief Executive Officer of Infostride News, Charles Odii, expressed on Wednesday that the inadequate dissemination of information about government intervention programs poses a significant hurdle for small enterprises seeking financial support. During the signing of a Memorandum of Understanding between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank, Odii highlighted the crucial role of effectively informing businesses about available funds.
Odii pointed out a case where approximately N500 million lay unutilized in a bank, but only six individuals accessed the funds. He conducted an evaluation of the information dissemination carried out by the agency at that time and found that the existence of funds was not widely known.
“Before we even start to talk about how many people accessed it, maybe there were bottlenecks, how many people know about these interventions?” questioned Odii.

The signing ceremony, which took place at the agency’s headquarters in Abuja, became the platform for Odii to announce the agency’s attainment of a N5 billion loan portfolio. The primary objective of this portfolio is to aid over 10,000 Small and Medium Enterprises (SMEs) in Nigeria. The strategic partnership with Sterling Bank aims to facilitate SMEs in obtaining loans ranging from N250,000 to N2.5 million at a single-digit interest rate. Odii mentioned that the agency would commence receiving loan applications within two weeks.
“Access to finance comes in different compartments, but what we want to do as an agency is to first of all, make this access to finance easier because we understand that finance is very scarce and expensive in this part of the world,” explained Odii. “So, we want to make sure that we solve that problem.”
The agreement involves the creation of a loan portfolio of N5 billion at a single-digit interest rate for small businesses across various sectors. Odii expressed gratitude to the management and staff of Sterling Bank for their collaboration on this venture.
Abubakar Suleiman, the Managing Director of Sterling Bank, shared insights into the loan accessibility process. He emphasized that no collateral would be required, and a repayment window of two years would be granted. Suleiman underscored the bank’s commitment to delivering this financial support through a technological platform named ‘Banker.’ This platform is specifically designed to focus on small businesses, facilitating easy access to financing, organization of business operations, record-keeping, and timely repayments.
“We are going to deliver this through a technological platform because it has to be easy. It is not just about the interest rate but being able to access this funding without jumping through hooks from place to place,” stated Suleiman. He further highlighted the benefits of the platform, suggesting that even businesses unable to access the fund would gain valuable insights into improving their practices for future funding attempts.
In conclusion, the collaboration between SMEDAN and Sterling Bank aims to address the challenges faced by small enterprises in accessing funds. By leveraging technology and streamlining the application process, the partners aspire to make financial support more accessible to a larger number of SMEs, ultimately contributing to the growth and sustainability of these businesses in Nigeria.
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