Sterling pilots 500-50-5 initiative to make indigenous businesses globally competitive

Sterling has launched an initiative that aims to transform indigenous businesses and make them globally competitive within the next 5 years.

Local businesses are the major drivers of any economy, and the Nigerian economy is no different. But most of these businesses need a little support to scale and compete with multinationals. Sterling has decided to fill that gap through it’s 500-50-5 initiative.

The objective is to create a pool of 500 high performing and high potential indigenous businesses, work with 50 of them; provide the requisite support to scale their businesses and make them globally bankable in 5 years.

Through 500-50-5 we will give businesses the tools to become globally competitive by offering a premium suite of services ranging from advisory to financing, to help them scale. Be a pioneer! Fill the form below to apply to be a part of our pilot programme.

Selection Criteria:

• Must be an incorporated business entity
• Must have been in business for up to 2 years
• Up to NGN 2-5m annual revenue
• Up to 3 employees
• Businesses can be in any sector
• Must have a well documented business plan
• A business owner/promoter who can show a good understanding of their market & its peculiarities
• Businesses that are solving real problems with great solutions, have a large and growing addressable market and are able to clearly articulate it

You can apply here

The deadline for application is Sunday, 26th of September.

More about Sterling Bank

Sterling bank is a full service national commercial bank licensed by the Central Bank of Nigeria. With over 60 years of operations, Sterling Bank (formerly NAL Bank) has evolved from the nation’s pre-eminent investment banking institution to a fully-fledged commercial bank. The bank has 161 branches distributed across the country and about 858 ATMs.

Sterling pride itself in enriching lives by building sustainable businesses. They are constantly creating structures that support entrepreneurs and catalyse businesses into becoming truly sustainable. 500-50-5 is a signature program created to transform indigenous businesses into global enterprises.

Over the years, Sterling has established itself as one of the most innovative and forward-thinking banks. This is evident in the dynamic way it offers her financial solutions to both individual and corporate clients. Aside its traditional financial services, the bank also plays a major role in contributing to the growth of Nigerian economy.

Some of the ways it’s contributing to the economy are lending tailored to HEART (Health, Education, Agriculture, Renewable Energy and Transportation) sectors; providing Sterling SME specialist to tailored products and services, along with tools and resources all designed to support businesses, deploying technology to reach the unbanked, etc.