Sterling Bank Business Funding – How to Apply for

Women entrepreneurs in Nigeria can apply for business financing under the Sterling Women Empower Fund (SWEF), a financing initiative supported by Sterling Bank in partnership with the Development Bank of Nigeria (DBN).

 

 

The scheme provides access to a ₦20 billion funding pool for eligible women-owned and women-led businesses, with individual businesses able to access financing of up to ₦75 million, depending on their financing needs and the bank’s assessment.

 

 

The funding is designed to help women-owned businesses expand, purchase equipment, improve their operations and increase their capacity.

Importantly, this is not a free grant. It is a business financing and loan opportunity, meaning successful applicants will be required to repay the money according to the terms of the facility approved for their business.

The official Sterling Bank application page is currently live, while no fixed closing date is stated on the bank’s application page.

How Much Can You Get?

Eligible businesses can access financing of up to ₦75 million.

However, ₦75 million is the maximum amount available under the scheme and is not the amount every applicant will receive.

The amount approved will depend on factors such as the type of financing required, the business, its financing needs and Sterling Bank’s assessment.

Sterling Bank’s published financing options include:

First-time borrowers

• Up to ₦15 million unsecured financing
• Up to ₦35 million secured financing

 

 

Returning customers

• Up to ₦40 million unsecured financing
• Up to ₦75 million secured financing

There is also an asset finance facility of up to ₦50 million for qualifying businesses that need financing to acquire business assets.

This means the financing available to an individual business will depend on the facility it qualifies for rather than simply being based on the ₦75 million maximum advertised.

Who Can Apply?

The funding is aimed at women-owned and women-led businesses operating in Nigeria.

According to the published eligibility conditions, a business may qualify if it meets at least one of these ownership or leadership requirements:

• At least 51% of the business is owned by a woman or women
• At least 20% is owned by women, with a woman occupying a key leadership position such as CEO, COO, Managing Director or Vice President
• At least 30% of the board members are women, where the business has a board

The business must also be registered in Nigeria and operate in an eligible sector.

Which Businesses Can Apply?

The financing covers businesses operating in several sectors of the Nigerian economy.

These include:

• Agriculture
• Healthcare
• Education
• Manufacturing
• Fashion
• Food and beverage

Women running businesses in these areas can consider the financing if they need additional capital for expansion, working capital, equipment or other approved business purposes.

What Can the Money Be Used For?

The funding is intended for genuine business needs.

Depending on the type of facility approved, the financing can be used for purposes such as:

• Buying stock and inventory
• Purchasing equipment and machinery
• Expanding an existing business
• Acquiring productive assets
• Increasing production capacity
• Opening additional business locations
• Improving business operations
• Providing working capital
• Taking advantage of new business opportunities

Applicants should have a clear idea of what they need the money for before applying.

For example, a business seeking ₦10 million to purchase equipment should be able to explain what the equipment is, how it will improve the business and how the business expects to repay the financing.

You Do Not Need a Sterling Bank Account to Apply

You do not have to be an existing Sterling Bank customer before applying.

Women entrepreneurs who currently bank with another financial institution can still submit an application.

However, if your application is approved, Sterling Bank states that you will need to open a Sterling business account to receive the financing and process repayments.

This Is a Loan, Not a Grant

Women entrepreneurs should pay close attention to this point before applying.

The ₦20 billion Sterling Bank and DBN funding scheme is not a free government grant.

It is a business financing facility that comes with repayment obligations.

Before accepting an offer, applicants should carefully check the terms provided by the bank, including:

• Interest rate
• Repayment period
• Monthly repayment amount
• Fees and charges
• Collateral requirements, where applicable
• Other conditions attached to the facility

Sterling Bank’s published information indicates that some financing facilities can have repayment periods of up to three years, although the exact repayment arrangement depends on the facility approved for the business.

You should therefore avoid borrowing more than your business can reasonably repay.

 

Is Unsecured Financing Available?

Yes.

Qualifying applicants can access unsecured financing under the scheme.

For example, Sterling Bank’s published information states that eligible first-time borrowers may access up to ₦15 million in unsecured financing.

Unsecured does not mean automatic approval.

The bank will still assess the applicant and business before deciding whether to approve the financing and how much to offer.

What Information Will You Need?

The application requires information about both the applicant and the business.

Applicants may be asked to provide details such as:

• Full name
• Phone number
• Email address
• Business name
• Business sector
• Business location
• CAC registration status
• How long the business has been operating
• Sterling Bank account information, where applicable

Sterling Bank may also request additional information or documents during its assessment.

It is therefore important to provide accurate information and ensure your business records are up to date.

 

How to Apply for the Sterling Bank Women Funding

Applications are completed online through Sterling Bank.

Step 1: Visit the official application page

Go to the official Sterling Bank Women Business Funding page.

Step 2: Complete your details

Enter your personal information and business details as requested on the form.

Step 3: Provide information about your business

You will need to provide details such as your business sector, location, registration status and operating history.

Step 4: Submit the application

Review the information you have entered carefully before submitting the form.

Step 5: Complete any further verification

Sterling Bank may contact you for additional information or documents as part of its assessment.

Step 6: Wait for the financing decision

If your business meets the requirements and passes the bank’s assessment, Sterling Bank will communicate the financing terms available to you.

Official Application Link

Women entrepreneurs interested in the funding should apply through the official Sterling Bank platform rather than links shared by third parties.

Apply for the Sterling Women Empower Fund:
https://sterling.ng/wdbn/

The official application page is currently active.

Is There an Application Deadline?

At the time of this update, Sterling Bank has not stated a fixed closing date on its official application page.

The bank’s application form remains available.

Because there is no confirmed closing date, women entrepreneurs who meet the requirements should avoid waiting for a deadline before preparing and submitting their applications.

What to Consider Before Applying

The fact that the scheme offers up to ₦75 million does not mean that every business needs to borrow that amount.

Start by working out how much your business actually requires.

If you need ₦8 million to purchase equipment and increase production, for example, taking a much larger loan could leave your business with an unnecessary repayment burden.

Before applying, consider:

• How much does the business actually need?
• What exactly will the money be used for?
• How much revenue does the business currently generate?
• Can the business comfortably repay the financing?
• Are your business records available and up to date?
• Is the business properly registered?
• Can you provide the information required by the bank?

A clear understanding of your business finances can also help you explain why you need the financing and how it will contribute to the growth of the business.

Sterling Bank Women Funding 2026: Key Details

Programme: Sterling Women Empower Fund (SWEF)

Funding pool: ₦20 billion

Maximum financing: Up to ₦75 million

Target: Women-owned and women-led businesses in Nigeria

First-time unsecured financing: Up to ₦15 million

First-time secured financing: Up to ₦35 million

Returning customer unsecured financing: Up to ₦40 million

Returning customer secured financing: Up to ₦75 million

Asset finance: Up to ₦50 million

Repayment: Up to three years for applicable facilities

Sterling Bank account required to apply: No

Sterling Bank account required after approval: Yes

Application status: Open

Closing date: No fixed date currently stated

Official application: https://sterling.ng/wdbn/

Women running eligible businesses who need funding for expansion, equipment, working capital or other legitimate business needs can consider the Sterling Women Empower Fund.

But because the funding is a loan rather than a grant, applicants should first assess their business’s ability to repay before accepting any financing offer.