Stanbic IBTC Bank Plc has launched a business specific facility to help small and medium businesses cope with the expected increase in footfall during the holiday season.
He explained that short-term loans ranging from 50,000 Naira to 10 million Naira are available for registered SMEs and can be applied for through the Stanbic IBTC super mobile app with ease and convenience while providing huge benefits, such as ” reimbursement flexibility, limited documentation. and no warranty requirement.
Speaking on the rationale for the product, Team Leader, Digital and Enablement, Enterprise Business Development, Stanbic IBTC, Remilekun Ishola said the SME loan was put in place to cushion the effects of the current volatile economic situation on SMEs.
She said the loan facility provides quick and solid funds for entrepreneurs who are looking for urgent funds to meet their business needs during the holiday season of the year.
The features and benefits of the SME Instant Loan Facility were discussed in a virtual session on the topic: “Small Business Loan: Meet Your Short-Term Needs This Holiday Season”.
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.
“The ease of access to the loan should be noted, as it solves one of the key issues facing small and medium-sized businesses in Nigeria. Access 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 clients who will need their services ” , added Ishola.
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