The Cross River State Government today announced the approval of single-digit interest loans for 500 small and medium enterprises (SMEs) under a collaborative program with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank.
Screening and Selection
Officials receive over 1,000 applications for the loans. They screen and select 500 candidates. Moreover these entrepreneurs complete training and verification. Moreover an IFC trained team handles the checks. This process ensures real small businesses benefit.
Loan Terms and Features
Governor Bassey Otu approves the 5% interest rate facility. Businesses repay over two to three years. The revolving structure helps more entrepreneurs later.Additionally the loans aim to grow nano businesses to medium levels. They stimulate the local economy.
Partnership Details
The state partners with SMEDAN and Sterling Bank. This collaboration provides single digit interest loans. CRSMEDA oversees the program. Furthermore CALCCIMA supports the initiative. They praise the governor’s focus on small businesses.
Additional Benefits
The governor sponsors 1,000 free CAC certificates. Teams issue them during sessions in Calabar. Plans expand to 10,000 next year. However monitoring remains key. The M&E team visits fields in six months to check progress.
Official Statements
Great Ogban highlights the program’s impact. He states the loans support SMEs statewide. Ogban expects a competitive economy in three years. Liyel Imoukhuede calls it a novel event. He commends the administration for helping businesses thrive.
Beneficiary Feedback
Recipients like Alex Ego Oyama express gratitude. They say the loans boost their operations greatly. Offiong Oku and Lekam Abam Lekam share similar views.Therefore the initiative drives economic change. It bridges gaps in financing and infrastructure.
Broader Economic Goals
Leaders’ plans focus on making Cross River an important hub. The project meets the governor’s vision. It opened more chances for everyone. Furthermore, small businesses represent the commercial heart of the state. Encouragement enhances the ecosystem.
Future Prospects
The state has other intervention plans in the pipeline. Cooperation among partners translates to success. Entrepreneurs are ready to amp up their production.
In conclusion, this development marks a major milestone. It not only generates power for 500 businesses but also ensures that the economy becomes stronger every day.
