Specta Business Loan by Sterling Bank – review 2026
Pros
- Designed specifically for working capital and business growth needs
- Some lenders use transaction-data scoring rather than collateral alone
- Can fund inventory, equipment purchase or short-term trade finance
- Available to registered small and medium enterprises across sectors
Cons
- Usually requires registered business documentation (CAC registration)
- Larger facilities may still require collateral or a personal guarantee
- Approval can take longer than consumer loans due to business due diligence
Specta Business Loan by Sterling Bank provides working capital and growth financing to small and medium enterprises through Sterling Bank (Specta). Specta is Sterling Bank's digital lending platform, open even to applicants who do not bank with Sterling. The product is aimed at registered businesses that need funds for inventory, equipment, trade finance or expansion rather than personal consumption.
Loan terms
Facilities typically range from ₦100,000 to ₦5,000,000, with interest generally quoted between 22% and 30%, depending on the business's trading history, cash flow and the security offered. Many SME lenders use bank statements and transaction data rather than just collateral to assess creditworthiness, so confirm the specific documentation required with Sterling Bank (Specta) before applying.
Note: the specific rate and amount figures above are general-market indicators, not confirmed from this lender's current published rate card -- always verify the exact rate, amount and fees directly with the provider before applying.Requirements
- CAC business registration and valid means of identification
- Business bank account statements, typically 6–12 months
- A basic business plan or description of intended fund use
- BVN of the business owner(s) or authorised signatories
- Collateral or guarantor for larger loan amounts, where required
Provider contacts
- Website
- https://specta.sterling.ng
- Online application
- Apply now →
- Regulator
- Central Bank of Nigeria (CBN)
Information in this review is based on publicly available sources and is for informational purposes only. Finatino.com is not a financial product broker. Before signing any contract, we recommend reading the provider's terms and conditions.