CALABAR, Nigeria – The Cross River State Government has cleared 500 entrepreneurs to access single-digit interest loans through the SMEDAN-Sterling Bank facility, marking a significant step in strengthening the state’s small business ecosystem.
The Director-General of Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), Mr. Great Ogban, announced the approval during an engagement session with beneficiaries in Calabar. He revealed that over 1,000 applications were received, with 500 selected after enterprise development training and business plan verification.
The initiative, featuring a 5% interest rate facility approved by Governor Bassey Otu, includes complementary free CAC business registration certificates for 1,000 entrepreneurs. The Calabar Chamber of Commerce described the scheme as “Christmas for SMEs in Cross River State,” praising the government’s deliberate effort to bridge financing gaps limiting small business growth.
Beneficiaries expressed optimism that the funding would significantly boost their businesses and stimulate economic growth across the state through a revolving repayment structure over two to three years.
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