Stanbic IBTC Bank: how to apply for SME’S Business Loans

Last Updated on July 1, 2024 by admin

The Stanbic IBTC SME Loan is a financial product designed specifically for Small and Medium Enterprises (SMEs) in Nigeria. This loan facility aims to provide SMEs with the necessary funding to grow their businesses, expand operations, and meet their working capital needs.

With its customer-centric approach, Stanbic IBTC understands the challenges faced by SMEs in accessing finance, and thus offers this tailored solution to address those needs.

The Stanbic IBTC SME Loan offers competitive interest rates, flexible repayment terms, and a simplified application process that ensures quick access to funds. Whether it is for purchasing new equipment, expanding production capacity, or managing cash flow gaps, this loan provides entrepreneurs with the financial support they require.

Any ideal society that intend to drive financial inclusiveness should embrace Small and Medium Enterprises loan which help in promoting and supporting local industries and the overall economic growth of any country.

When applying for a loan to expand your operations, create opportunities and grow your business, you should Choose a business loan with terms that work with your cash-flow,Competitive interest rates with reliable monthly repayments.

Stanbic Ibtc Bank SME loans stand as the best option to raise funds for anyone who is looking to expand their business in terms of Working Capital, Asset Finance, Term Loan Credit Facilities.

You can read: Union Bank SME Loans: Requirements and how to apply

The financial institution offer various SME’s loan facility ranging from AgriBusiness Finance,Distributor Finance,Invoice Discounting,Purchase Order Discounting,Trade Finance and Overdraft

The SME Loan is a tailored made lending facility that is available to businesses for meeting working capital needs and to achieve business goals.

Stanbic Ibtc Bank Agribusiness Finance loan

This provide Financing solutions for agricultural enterprises from resources and equipment to seasonal cashflow with flexible repayment terms based on the type of funding you need

Distributor Finance

Large manufacturer, or a distributor of wholesale goods, Distribution Supply Chain Finance can access this kind of loan which provide solution for flexible loans to help maintain cashflow. The Interest is calculated based on your financing needs and your repayment terms.

You will be requested to provide the following documentation on applications:

1.Letter of Introduction of the Distributor from the Principal
2.Statement of account with Principal (past 12 months)
3.Facility letters of existing/previous facilities with other banks
4.6 -12 months banks statement
5.Three year audited financials (Where applicable)
6.Distributor’s letter of request
7.Inventory report and collateral documentation
Company’s profile and incorporation documents

Read:How to apply for CBN Agricultural Business Small and Medium Enterprises loan

Trade Finance

The loan offer Import and Export products to help customers trade their goods and services across borders.Borrower will need to pay N5 000 for the processing and registration of Nigerian Export form if you fall into Inward letters of credit (Export)

Purchase Order Discounting

This loan facility is designed as Working capital to execute contracts and repayment of the loan when your contract is paid, however, the Loan tenure of a maximum of 120 days

What you need to apply for the loan

1.Formal application letter
2.Board resolution approving the request (if you are limited liability company)
3.Duly executed irrevocable domiciliation agreement for the full LPO value of the contract into a collections account
4.Copy of supply order/contract document duly verified by the collections monitoring unit (CMU)
5.Copy of goods/product invoice from supplier
6. 6 months’ bank statements (for new-to-bank customers)
7.Satisfactory credit bureau report
8.Duly Executed Statement of Personal Guarantee of Company Owner(s)

Also read:How to apply for UBA small and medium enterprise loan

Invoice Discounting

Business can draw money against invoices issued for completed contracts before payment is received from your creditors.This provides Immediate cash flow for business, allowing for continuous growth and cash management

The loan facility provides Up to 80% value of the invoice can be discounted without tangible collateral.You will need to provide the following documents

1.Formal application letter
2.Board Resolution (if a limited liability company)
3.Copy of the supply order
4.Copy of confirmed invoice from supplier
5.Copy of delivery receipt and certificate of contract performance
5.12 months’ bank statements (for new to bank customer)
6.Duly executed statement of personal guarentee of company owner(s)

SCHOOL LENDING

This is a short to long term facility available to privately owned schools for the establishment, expansion or upgrade of basic and specialized facilities. It can also be used for short term working capital requirements.The loan has 12 months tenor for Working Capital, and maximum of 7 years for Term Loan.

It has Competitive interest rate and Management fee of 1%….Facility Types: Working Capital, Asset Finance, Term Loan Credit Facilities.

Amount: Any amount, subject to a maximum of N500 Million for Working Capital requirement and N5 Billion for Term Loan.

Read: How to apply for Wema Bank Business and Retail Loan

How to apply for Stanbic IBTC Bank SME’s Business loan

Small and Medium Enterprise can visit any stanbic ibtc bank branch to apply for any loan package that fit your cashflow needs and provide the bank with the required documents. AS STATED BELOW: