Stanbic IBTC Bank Plc has launched a business-specific facility to assist Small and Medium-scale Enterprises meet up with the expected surge in patronage during the yuletide season.
It explained that the short-term loans ranging from N50,000 to N10 million naira are available to registered SMEs and can be requested via the Stanbic IBTC Mobile Super App with ease and convenience while it offers tremendous benefits, such as repayment flexibility, limited documentation and zero collateral requirement.
Speaking on the rationale behind the product, Team Lead, Digital and Enablement, Enterprise Business Development, Stanbic IBTC, Remilekun Ishola said the SME loan was rolled out to cushion the effects of the current volatile economic situation on SMEs.
She said the loan facility offers speedy, robust funds to entrepreneurs who seek urgent funds to cater to their commercial needs during the year’s festive period.
The instant loan facility’s features and benefits for SMEs were discussed at a virtual session themed: “SME Loan: Meet Your Short Needs This Festive Season”.
According to Ishola, the bank decided to make the product accessible for SMEs to enable them to restock their goods due to the expected surge in patronage due to various discounts available to customers during the yuletide.
“worthy of note is the ease of the loan’s accessibility, as this solves one of the key issues faced by small and medium scale businesses in Nigeria. Access to adequate funding during the festive season is a major problem for most businesses, and we are certain that the SME loan will aid small businesses in accommodating the influx of customers who will require their services”, Ishola added.
