Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings Plc, recently launched a business specific facility to help small and medium businesses cope with the expected increase in footfall during the holiday season.
In a virtual session on the topic: “Small Business Loan: Meet Your Short-Term Needs This Holiday Season”, the features and benefits of the instant lending facility for SMEs were discussed at length.
Speaking on the rationale for the product, Remilekun Ishola, Team Leader, Digital and Enablement, Enterprise Business Development, Stanbic IBTC, said the SME loan was put in place to cushion the effects of the current volatile economic situation. on SMEs. The loan facility provides fast and strong funds for entrepreneurs who are looking for urgent funds to meet their business needs during the holiday season of the year.
According to Ishola, the bank decided to make the product accessible to SMEs to allow them to restock due to the expected increase in footfall due to the various discounts available to customers during the Christmas period.
She said that short term loans ranging from N50,000 to N10 million are available for registered SMEs and can be applied for through the Stanbic IBTC super mobile app with ease and convenience. The loan offers huge benefits like repayment flexibility, limited documentation and no collateral requirement.
It is worth noting the ease of accessibility of the loan, as it solves one of the key issues facing small and medium enterprises in Nigeria. âAccess to adequate financing during the holiday season is a major issue for most businesses, and we’re sure the SME loan will help small businesses cope with the influx of customers who will need their business. services, âadded Ishola.
To access the loan, applicants must send a bank statement showing regular cash flow. Interested businesses and individuals can email the bank directly or visit the bank’s website.
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