Sterling Bank Nigeria Business Loan Application – If you are looking to expand your business operations, but lack the financial resources to do so, you may be able to take out a business loan of up to N5million through Sterling Bank Nigeria. While these loans are designed to help Nigerian businesses grow and become more profitable, this doesn’t mean that they are not available to individuals with specific business plans in mind. There are several requirements you must meet to be eligible for this loan, as well as an application process that takes some time and effort on your part, but if you qualify, the payoff can be well worth it.
Step 1. Guide to Applying for a Sterling Bank Business Loan in Nigeria
Applying for a business loan with Sterling Bank Nigeria is as easy as 1-2-3. In fact, that’s what we at Sterling like to call our 3-step process for applying for a business loan:
1) Complete our online application form;
2) Confirm your bank details;
3) You are good to go! It really is that simple. But don’t take our word for it. Read on to find out more about the Sterling Bank Nigeria Business Loan requirements and how to apply in easy steps.
Step 2 – Know the Types of Sterling Bank Business Loan Available
At Sterling Bank Nigeria, there are many types of business loans available to business owners. It’s important to determine which type of loan is best for your needs and that begins with knowing what’s out there. Some loans will be better suited to long-term goals, while others can be used for short-term funding. It all depends on what you need your loan for. Let’s take a look at each type of Sterling bank business loan below
Step 3 – Identify the Need for a Sterling Bank Business Loan
There are three main things to consider when applying for a Sterling bank Nigeria business loan: the amount of money needed, how soon it’s needed by, and the purpose of the money. The most popular Sterling bank Nigerian business loans include: Cash Flow Loans; Equipment Loans; Merchant Cash Advances; Factoring; Leasing
Step 4 – Apply Online for Sterling Bank Business Loan
Now it’s time to apply! If you haven’t already done so, go ahead and click apply now above or visit our website to get started. Fill in some basic information about yourself, your company, and the nature of your application. Once we have this information, we will send you an online form tailored specifically to the type of Sterling bank Nigeria business loan you want. Fill it out then submit your application electronically and wait for approval!
Step 5 – Determine the Size of Your Business Loan
Once you have figured out how much money you need, you will want to figure out what portion of that amount qualifies as a business loan. For example, if your business is in need of N500,000 but has assets with an appraised value of N750,000, it might make sense to ask for more than just a business loan perhaps an Small Business loan to help fund operating expenses or equipment upgrades. To apply for Sterling Bank Nigeria Business Loan visit the bank website by clicking HERE.
Step 6 – Choose a Financial Institution
Sterling Bank Nigeria offers business loans for all types of businesses, with multiple repayment options to suit your needs. Whether you are a one-person operation or part of a large enterprise, we can help you grow. Your financial institution is an important partner, so take some time to make sure it’s right for you before committing. At Sterling Bank Nigeria, we have the expertise and experience to get you started on the path to success. Start today by downloading our business loan application!
Step 7 – Complete the Sterling Bank Online Loan Application Form
You will be redirected to Sterling Bank’s website to complete their online application form. You must have all required documents available before starting your application. We recommend that you begin your business planning even before you apply for a business loan so that you are fully prepared with all documents needed when applying. Sterling Bank requires a means of identification from the applicant: A National ID Card Or an international passport issued by the Nigeria Government. The bank will not accept photocopies of IDs or documents but original IDs or passports must be presented during the signing process at the branch office.
Step 8 – Provide Supporting Documents To Business Loan Application
Among other things, you will be required to submit a Photocopy of your ID Card, Proof of Residence (such as recent utility bill), and two contact references from previous employers or personal contacts. Visit Sterling Bank nearest to you for more information. For more details please call our Customer Care line.
Step 9 : The Purpose of Applying for Sterling Bank Nigeria Business Loan.
The Sterling Bank Nigeria Business Loan application process includes five steps:
1) Personal Information;
2) Income and Assets;
3) Purpose of the Borrowing;
5) Supporting Documents.
The last step is to provide necessary documentation, including copies of ID cards or passport, proof of residence, audited accounts for at least three years, copy company registration certificate (or trade license for unincorporated companies), Tax Clearance Certificates (if you own a business), detailed cost estimate for proposed project etc. The final part is to submit your loan application to your local Sterling bank branch with some documents collected during steps 1-5 as explained above. That’s it!