Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has partnered with Tillit MSME Microservices to offer affordable healthcare solutions to Small and Medium-sized Enterprises (SMEs) in Nigeria. This strategic partnership aims to address the challenges faced by SMEs in delivering quality healthcare services and retaining skilled professionals.
SMEs in the healthcare sector can now access a range of financial products from Stanbic IBTC Bank tailored to their needs. These include short-term loans of up to N10 million; overdraft facilities of up to N2 billion; and term loans of up to N5 billion.
The funds can be used for crucial purposes including stocking medication, consumables, procurement of services, and essential assets. With repayment periods spanning from 12 to 60 months, these loans have been tailored for healthcare SMEs.
Beyond financial assistance, Stanbic IBTC Bank offers guidance on effective cash flow management to healthcare SMEs. The Bank will provide support to help enhance the quality of patient care, thereby helping businesses to enhance their sustainability and growth prospects.
Babatunde Akindele, Head, Commercial Banking at Stanbic IBTC Bank, affirms the Bank’s commitment to supporting the growth of healthcare SMEs. He said, “We recognise the pivotal role healthcare SMEs play in our economy and Stanbic IBTC Bank is dedicated to facilitating their growth journey. Our customised financial solutions and extensive partner network will empower these businesses to thrive.”
Meanwhile, Managing Director of Tillit MSME Microservices, Yomi Sule, expressed his excitement regarding their partnership with Stanbic IBTC Bank. He stated that this collaboration is a game-changer for healthcare SMEs in Nigeria, as it provides access to customised financial products, seamless application processes, and prompt disbursement. “Stanbic IBTC Bank is the ideal financial partner, as it offers suitable financing and an ecosystem of partners that provide valuable business support services to healthcare SMEs, ensuring their holistic growth.”
By leveraging the synergies between both entities, this collaboration will address critical challenges faced by SMEs, enabling them to deliver better care and retain skilled personnel. Ultimately, this contributes to the overall health and sustainability of enterprises in Nigeria’s dynamic healthcare ecosystem.
This partnership announcement comes just two months after the successful hosting of Stanbic IBTC Bank’s inaugural Healthcare Breakfast Session, an event that recorded attendance from top leaders and innovators within the healthcare sector. The gathering brought together the thought leaders in healthcare to discuss collaborations, innovations, and ways to enhance the sector.