Top 5 Loan Facilities for Graduates in Sierra Leone

Graduating from university is a major milestone—but for many young professionals in Sierra Leone, the next challenge is finding financial support to take the next step. Whether you’re planning to start a business, pursue postgraduate studies, or simply need help transitioning into the workforce, loan facilities tailored for graduates can make a big difference.

In 2026, several institutions in Sierra Leone are offering targeted loan programs designed to empower recent graduates. These loans come with flexible terms, low interest rates, and support services that help borrowers succeed. Let’s explore the top five options available right now.

1. Sierra Leone Students’ Loan Scheme (SLOAN)

The Sierra Leone Students’ Loan Scheme, also known as SLOAN, is a government-backed initiative aimed at increasing access to higher education. While originally designed for students, the scheme now includes provisions for graduates seeking to fund postgraduate studies or professional development.

Key features:

• Loans available for tuition, research, and living expenses
• Low interest rates and long repayment periods
• Priority given to graduates pursuing high-demand fields like health, engineering, and education
• Repayment begins after graduation, with income-based options

SLOAN is managed by the Ministry of Technical and Higher Education and is one of the most accessible loan programs in the country.

Learn more on the official SLOAN website.

2. Rokel Commercial Bank Graduate Empowerment Loan

Rokel Commercial Bank has introduced a Graduate Empowerment Loan to support young professionals entering the workforce. This facility is ideal for graduates who need startup capital, professional certification, or relocation support.

Key features:

• Loan amounts range from Le 10,000 to Le 100,000
• Competitive interest rates and flexible repayment terms
• Available to graduates with proof of employment or business plan
• Includes financial literacy training and mentorship

Rokel’s program is part of its broader youth empowerment strategy and is open to applicants across Sierra Leone.

Visit Rokel Bank

3. Ecobank Sierra Leone Graduate Business Loan

Ecobank offers a Graduate Business Loan designed for young entrepreneurs ready to launch small businesses. This facility is part of Ecobank’s SME support program and includes access to business advisory services.

Key features:

• Loans up to Le 150,000 for business startup or expansion
• Requires a viable business plan and basic financial documentation
• Repayment terms range from 12 to 36 months
• Optional access to Ecobank’s digital banking tools and mobile payment systems

This loan is ideal for graduates with entrepreneurial ambitions and a clear plan for growth.

Explore Ecobank’s services.

4. Microfinance Institutions (MFIs) Graduate Support Loans

Several microfinance institutions in Sierra Leone offer Graduate Support Loans to help young professionals transition into employment or self-employment. These loans are typically smaller but easier to access, especially for those without formal employment.

Key features:

• Loan amounts between Le 5,000 and Le 50,000
• Minimal collateral requirements
• Fast approval and disbursement
• Available for business setup, equipment purchase, or job relocation

MFIs like BRAC Sierra Leone and Salone Microfinance Trust are known for working closely with youth and women to promote financial inclusion.

5. UNDP Youth Empowerment Loan Program

The United Nations Development Programme (UNDP), in collaboration with local banks and NGOs, offers a Youth Empowerment Loan Program that includes funding for graduates. This initiative is part of a broader effort to reduce youth unemployment and promote entrepreneurship.

Key features:

• Grants and loans for business development and vocational training
• Priority given to graduates in rural and underserved communities
• Includes mentorship, business incubation, and networking opportunities
• Loans are often interest-free or subsidized

While not a traditional bank loan, this program offers a powerful combination of funding and support for graduates ready to make an impact.

How to Choose the Right Loan Facility

When selecting a loan, consider:

• Your financial needs: Are you funding education, starting a business, or covering living costs?
• Repayment terms: Look for flexible options that match your income level.
• Interest rates: Lower rates mean less financial pressure over time.
• Support services: Some programs offer mentorship, training, or networking.
• Eligibility criteria: Make sure you meet the age, education, and employment requirements.

Top 3 Benefits of Graduate Loan Facilities

• Access to capital: Enables you to invest in education, business, or career development
• Financial independence: Helps you transition from student life to professional life
• Long-term growth: Builds credit history and financial literacy for future opportunities

FAQs

Can I apply for more than one loan facility? Yes, but you must disclose existing loans and ensure you can manage repayments.

Do I need collateral to apply? Some loans require collateral, but many graduate-focused programs offer unsecured options.

What happens if I can’t repay on time? Most institutions offer grace periods or restructuring options. Always communicate early if you face challenges.

Are these loans available to graduates outside Sierra Leone? Most programs require residency or citizenship, but some international graduates may qualify for specific schemes.

How long does it take to get approved? Approval times vary. Microfinance loans may take a few days, while bank loans can take several weeks.

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