Sterling Bank Secures $25.5m Funding To Expand HEART Strategy

Sterling Bank Plc has successfully raised $ 25.5 million from BlueOrchard Finance Limited (BlueOrchard) managed funds, to grow the health, education, agribusiness, renewable energy, and transportation sectors of the Nigerian economy.

In a statement released by Sterling Bank, the deal was structured by Alpen Capital and the fund has been secured as a multi-credit on-lending facility to expand the bank’s financial interventions in the HEART sectors, in line with the lender’s strategic focus to invest in high impact sectors that will drive sustainable growth and prosperity for the Nigerian economy.

The bank said the facility will be used to expand Sterling’s HEART strategy, grow the bank’s lending portfolio to micro, small and medium enterprises in the bank’s continuing bid to address the impact of COVID-19 on key sectors.

According to the bank, the facility raised continues the bank’s recent run of initiatives to drive sustained growth to the real sector of the economy.

This is done through specialised products, investments, lending and fundraising activities, including, but not limited to the bank’s ongoing partnership with Mastercard Foundation on the Sterling Women and Youth Agric Finance product, SWAY AgFin; a single digit facility specifically designed for women and youth aged 18 to 35 years to drive an increase in production in Nigeria’s agric sector, a zero interest facility for schools through Edubanc, as well as the launching of the Health Workers’ Fund to provide supplementary equipment for healthcare workers on the frontlines of the COVID-19 pandemic.