Standard Chartered on Wednesday launched its Smart Business Loan (SBL) product to support Small and Medium scale Enterprise (SMEs) in Nigeria.

David Idoru, Head of Consumer, Private and Business Banking, of the bank in Nigeria, said in a statement in Lagos that SBL was an unsecured instalment/term loan available to SME clients within key target sectors.

“Qualified SMEs would be able to access up to N20million loan, without providing tangible security/collateral to purchase asset, finance business expansion and other capital expenditure needs.

“This loan was designed to help SMEs meet their short to medium term needs.

“As a Bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth, “he said.

Idoru said that the bank was constantly looking for ways to ensure SMEs get access to the needed support to enable their businesses thrive, adding that prior to the product launch, clients were required to provide full collateral cover to access loans from the bank, but SBL had been designed to provide the necessary flexibility to the clients.

“It is accessible to new and existing clients of the Bank with no waiting period, including small and medium scale organisations, who can access up to N20million in loans without collateral for a maximum tenure of two years,” he said.