Sterling Bank Plc launched a new product, Sterling Women and Youths in Agriculture Finance code-named SWAY-AgFin, to provide low-cost financing at single-digit rates to young men and women entrepreneurs in the agribusiness value chain across the country.
Mrs. Bukola Awosanya, Group Head, Agric Finance and Solid Minerals Financing for Sterling Bank, who disclosed this in a statement in Lagos yesterday, explained that SWAY-AgFin was designed by Sterling Bank in collaboration with MasterCard Foundation.
She added that the facility has a maximum tenor of two years and aims to grow agribusinesses in Nigeria with an overall focus to impact local production, improve employability for young entrepreneurs, and, ultimately grow the economy.
She also stated that the SWAY-AgFin offering is a testament of the Bank’s continuing commitment to agribusiness financing, noting that Sterling Bank’s various interventions within the sector “have been made possible with the support of partners such as the MasterCard Foundation.
Awosanya noted that the SWAY-AgFin offering is available to entrepreneurs who are earnestly seeking to scale the output of their agribusiness offerings, adding that the opportunity will equip beneficiaries with the requisite knowledge and skills in financial management and good agricultural practices while generating direct and indirect employment.