The Cross River State Government has approved 500 small business owners to receive a single-digit interest loan under the SMEDAN–Sterling Bank scheme, aimed at strengthening small and medium enterprises in the state.

According to the Director-General of the Cross River State Microfinance and Enterprise Development Agency, Great Ogban, the beneficiaries were selected after a screening process that included business training, business plan reviews, and verification by an IFC-trained team. More than 1,000 people applied for the facility.

Ogban said the loan carries a 5% interest rate and is part of Governor Bassey Otu’s plan to expand economic opportunities for entrepreneurs. He noted that repayment will follow a revolving system over two to three years, allowing more business owners to benefit later.

To support business formalisation, the governor also sponsored 1,000 free Corporate Affairs Commission certificates for participants, with plans to increase the number to 10,000.

Ogban added that the agency has strengthened its monitoring and evaluation system and will return in six months to check how the funds are being used. He said the goal is to help very small businesses grow into larger ones.

The Vise President for MSME and Business Development of Calabar Chamber of Commerce, Liyel Imoukhuede praised the initiative, describing the support as a major boost for small businesses and said the private sector will continue to work with the government.

Source: Punch