Cascador partners with Sterling Bank to launch $2 million fund for Nigerian entrepreneurs, see details

• Nigerian entrepreneurs are acceptable to payment from a caller backing inaugural from Cascador and Sterling Bank
• $2 cardinal backing volition beryllium fixed to selected businesses successful the chosen sectors, alongside different benefits similar mentorship
• The accelerator has announced the transportation day and provided details of the lawsuit that volition footwear disconnected the backing

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

Cascador, a Nigerian concern accelerator focused connected mid-stage entrepreneurs, has launched a $2 cardinal catalytic money for entrepreneurs.

This funding, successful concern with Sterling Bank, volition alteration entree to concern for tiny and medium-sized businesses successful Nigeria.

Cascador explains that the money volition beryllium structured arsenic a flexible indebtedness fund, with accent connected concern maturation and providing mentorship passim the program.

The Cascador accelerator programme targets mid-stage businesses that person been successful cognition for astatine slightest 2 years. Photo credit: Cascador/website
Source: UGC

This exemplary differs from accepted collateral-heavy lending, and Cascador is offering it to alumni of its accelerator program, with debased involvement rates, tailored repayment terms, and ongoing mentorship.

Key partners connected the task see the Nigeria Sovereign Investment Authority (NSIA) and the Development Bank of Nigeria (DBN).

Cascador partners Sterling Bank successful $2 cardinal backing initiative

Speaking astir the programme, Cascador laminitis Dave DeLucia noted that Sterling Bank volition service arsenic the money custodian and structuring spouse successful the arrangement, to supply the beneficiaries with fiscal instruments to enactment them astatine assorted stages.

DeLucia stated that the superior would beryllium deployed successful a mode that would beryllium catalytic, particularly with the offering of mentorship and acquisition to backmost the entree to capital.

The Guardian reports that the money volition connection instrumentality financing and revenue-based loans, specifically designed for mid-stage SMEs successful the pursuing sectors:

• Healthcare;
• Logistics;
• Manufacturing;
• Agribusiness;
• Education;
• and fiscal inclusion.

Commenting connected the latest partnership, CEO of Sterling Bank, Abubakar Suleiman said that the slope is creating a caller benignant of exemplary that is not conscionable focused connected funding, but prioritises interaction and advancement implicit paperwork.

He said;

“We anticipation this money presents a caller exemplary for superior deployment—one that different institutions and backstage investors crossed the continent tin adopt.”

He explained further that the Sterling-Cascador exemplary emphasises concern viability, maturation potential, and trust.

Suleiman added that the beneficiaries would get a first-loss warrant from Cascador and method assistance from a web of seasoned advisors.

Final selections volition beryllium made based connected the impact, sustainability, and maturation projections.

Recall that Sterling Bank precocious became the archetypal Nigerian commercialized slope to cancel transfer fees.

The slope is besides offering customers up to N1 cardinal successful loans connected its platforms.

Cascador announces transportation date

The applications for the $2 cardinal opened connected February 14, 2025 and to circular it up, the partners person enactment unneurotic a high-profile invitation-only Pitch Day for May 14, 2025.

The finalists volition transportation their businesses earlier a sheet of concern professionals, concern leaders, and world experts.

The spouse institutions – NSIA and DBN volition springiness innovation awards to the top-performing entrepreneurs astatine the pitch.

The applicants would transportation to a sheet of concern professionals and concern leaders. Photo credit: Bevan Goldswain
Source: Getty Images

Cascador supports implicit 60 African entrepreneurs

Cascador launched its Accelerator programs successful 2019, and applications for the 2025 cohort are inactive open.

From inception till date, 60 entrepreneurs crossed Africa person received enactment from Cascador, raising implicit $55 cardinal and creating thousands of jobs.

Sterling Bank to empower 2,500 women entrepreneurs

Legit.ng earlier reported that Sterling Bank concluded plans to empower 2,500 Nigerian women with the OneWoman initiative.

The slope is partnering with the International Finance Corporation (IFC) to motorboat the inaugural nether Goldman Sachs 10,000 Women online scheme.

The improvement follows the bank’s Always-On launch, which credits N1 cardinal to customers astatine a reduced involvement rate.

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Source: Legit.ng