Access Bank to Disburse N50bn Loan to 7,000 MSMEs, Gives Condition to Apply
- Access Bank has disclosed that it is distributing N50 billion loan to empower 700,000 MSMEs in the country
- Applicants between the ages of 21 and 40 years will be considered and will go through training before the loan can be granted
- Also, the bank and its parent company will hire 1,000 exceptional people who finish the programme
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
With a N50 billion loan, Access Bank hopes to empower 700,000 MSMEs nationwide through its 'YouThrive' campaign.
Source: UGC
Deputy managing director of Access Bank,Victor Etuokwu, disclosed this at a news conference held recently at the bank's Lagos headquarters.
Etuokwu said MSMEs that would benefit from the initiative would receive training to make the best use of the loan, according to a BusinessDay report
To be eligible to access this loan, he stressed that all applicants must be between the ages of 21 and 40.
He said:
“The Youthrive’ is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. In the next four years, we will empower 4 million youth, one million per year."
More than just lending for Access Bank
Etuokwu said the initiative would not just be about lending but also serve as various capacity-building activities for them as the curriculum will be centred around technology, creatives, business management and skill acquisition.
Chioma Ogwo, head of emerging businesses at Access Bank, said there will be job prospects as the bank and its parent companies will hire 1000 exceptional people who complete the programme to work in the tech sector, the Access corporation ecosystem, and other partner organisations.
According to Temitola Adekunle Johnson, senior special assistant to the president for job creation and MSMEs, Access Bank's initiative will assist in addressing the problem of small businesses' inability to obtain loans at reasonable rates.
According to him, the goal is for commercial banks to lend MSMEs just one digit.
Johnson also said the program will assist in lessening the obstacles that MSMEs frequently encounter when trying to obtain capital for their operations.
He revealed that payments will be issued upon completing the loan assessment.
Johnson commended the bank for using its funds and giving out the loan at a discounted rate, urging small businesses to take advantage of the opportunity and grow their businesses.
How to apply
To apply, interested applicants must use this link and submit their information.
CBN increases interest rate for Access Bank
Legit.ng reported that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) had increased the Monetary Policy Rate (MPR) from 18.75% to 22.75%, a four hundred basis points increase.
CBN governor, Yemi Cardoso, announced this following the bank's first MPC meeting of the year in Abuja.
The CBN governor said that the new MPR is a component of efforts to combat the nation's 29.90% inflation rate.
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Source: Legit.ng
