Business Development Service Provider
With the increasing pressure for creation of jobs by public and private sectors to combat unemployment in Nigeria, the importance of the Small and Medium Enterprises (SMEs) to Nigeria’s economy cannot be overemphasised as a viable means of human capacity development and job creation. Being fully aware that entrepreneurs will be encouraged to set up businesses if credit facility are easily accessible, the Bank of Industry (BoI) appointed Sterling Partnership as one of its business development service providers (BDSP) under the national category. This means that we are able to offer our services to applicants from any part of Nigeria.
The appointment of Sterling Partnership as a BDSP is borne out of the general problem of low level success rate to obtain financial support by SMEs from the Bank of Industry due to poorly packaged loan documentation which is often disjointed. As such, Sterling Partnership has the responsibility of collaborating with the Bank of Industry to identify credible SMEs that requires low interest loans ; helping them package their documentations and ensuring that they meet the acceptable standard in presenting sound business propositions which will be bankable and capable of successful consideration by the Bank of industry(BoI). Being a firm of lawyers, Sterling Partnership is more positioned to help applicants’ secure successful application for BoI loans.
In this regard, the credit facility obtainable from the Bank of Industry (BoI) is between N5 million to N400 million. However, where the loan sum sought is lower than =N= 5 Million, Sterling Partnership as a BDSP is authorised to partner with SME friendly banks in realising the entrepreneurs’ mandate.
The scope of our services will include but not limited to:
- Pre-qualification assessment of applicants
- Regularization of filings at the relevant statutory body (if necessary);
- Assisting applicants with drafting of loan documentation , where necessary ;
- Present duly assessed loan application letter with other bundle of documents to
- Monitor, advice and track post disbursement financial activities.