The Cross River State Government has approved a single‑digit interest loan facility for 500 small business owners in the state, aiming to strengthen the local SME ecosystem. In partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank, the initiative will provide financing support to entrepreneurs at a 5 % interest rate.
According to Mr. Great Ogban, Director‑General of the Cross River State Microfinance and Enterprise Development Agency, more than 1,000 applications were received for the facility. After a rigorous screening and verification process—including enterprise development training, business‑plan preparation, and verification by an IFC‑trained team—500 applicants were selected. The loan repayment will be structured over two to three years, allowing more entrepreneurs to access the fund and scale up their operations, thereby stimulating the state’s economy.
In addition to the loan facility, the state government sponsored 1,000 free CAC certificates for the beneficiaries, with plans to expand the program to 10,000 certificates next year to improve business formalisation. The agency has also strengthened its monitoring and evaluation framework to ensure proper utilisation of the funds. A recent statewide assessment validated the effective use of previous grants for retirees, and the agency intends to conduct regular monitoring and evaluation exercises to track the growth and compliance of beneficiary businesses.
The initiative has been commended by the Calabar Chamber of Commerce, Industry, Mines and Agriculture, which described it as a significant boost to the state’s SME sector.
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