Today, Standard Chartered launched the Smart Business Loan (SBL) product for Nigerian clients.
SBL is an unsecured installment / term loan granted to merchant bank clients in key target sectors. Qualified business banking clients will be able to access a loan of up to N20 million without providing any tangible collateral / guarantee to purchase assets, finance business expansion and other capital expenditure needs .
This loan is intended to help SMEs meet their short and medium term needs.
Speaking on the product, David Idoru, Head of Personal, Personal and Business Banking (CPBB), Nigeria, said: “As a bank, our goal is to boost trade and prosperity in the places where we operate. This is done by offering cash. , credit, commerce and wealth management solutions that specifically stimulate economic growth. Within our CPBB, trade promotion is largely done through our Business Banking segment by small and medium-sized banking companies. We are constantly looking for ways to ensure our clients have access to the support they need to enable their businesses to thrive and SBL provides the flexibility to grow the business.
He added that prior to the product launch, clients were required to provide full collateral coverage to access the Bank’s Business Banking segment loans, but SBL provides the flexibility for our clients.
It is accessible to new and existing clients of the Bank without a waiting period, including small and medium-scale organizations, and they can access up to 20 million Naira in unsecured loans for up to 2 years.