Sterling Bank (business loans) — review & details
Sterling Bank offers four structured SME facilities — business support (working capital), asset/lease finance, contract/LPO finance and distributorship finance — applied for through a simple online form. Bank credit with a broader product menu than most rivals' digital SME offerings.
Sterling Bank (business loans)
★★★★☆
Working capital, asset/lease finance, contract & LPO finance, distributorship finance
Loan Type
Structured per facility — agreed during assessment
Tenor
Products of Sterling Bank, a CBN-licensed commercial bank
Licence
Online application, then bank assessment — days, not minutes
Speed
Registered SMEs with contracts, distributorships or asset needs beyond simple cash loans
Best For
bank
Type
Pros
- Four distinct facility types cover real SME needs — LPO/invoice finance and distributorship finance are rare in digital-lender line-ups
- Commercial-bank pricing, far below microfinance and app-based SME credit
- Straightforward online application to start the process
Cons
- Not instant — applications go through bank credit assessment
- Amounts, rates and tenors are not published upfront; terms emerge only during assessment
- A Sterling business account and formal registration are effectively required
Fees, eligibility & documents
Fees
InterestBank-level pricing set per facility and risk profile — no rates published upfront; negotiate and get the full term sheet before accepting
Eligibility
- Registered business, generally with a Sterling Bank account
- Trading history and financial records supporting the facility requested
- Contracts/LPOs or distributorship agreements for the specialised facilities
Documents needed
- CAC registration documents
- Bank statements and financial records
- Contract or LPO documentation where applicable
How Sterling Bank (business loans) compares in business loans
| Sterling Bank (business loans) | Bank of Industry (BOI) | Development Bank of Nigeria (DBN) | |
|---|---|---|---|
| Loan Type | Working capital, asset/lease finance, contract & LPO finance, distributorship finance | — | — |
| Tenor | Structured per facility — agreed during assessment | — | — |
| Licence | Products of Sterling Bank, a CBN-licensed commercial bank | — | — |
| Speed | Online application, then bank assessment — days, not minutes | — | — |
| Best For | Registered SMEs with contracts, distributorships or asset needs beyond simple cash loans | Registered SMEs with a solid plan | Longer-term MSME finance |
| Visit Sterling Bank → | Visit BOI → | Visit DBN → |
Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.
