Cross River SMEs boost as 500 entrepreneurs gain access to a single-digit loan facility

Officials said the Cross River SMEs Boost initiative had been confirmed on Saturday after the state government approved 500 business owners for the SMEDAN–Sterling Bank single-digit interest loan.

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The announcement came through a statement signed by Mr Great Ogban, Director-General of the Cross River State Microfinance and Enterprise Development Agency.

Ogban explained that more than 1,000 applications were reviewed, with 500 entrepreneurs cleared following enterprise development training, business plan preparation and verification conducted by an IFC-trained team.

He said the 5% interest facility reflected Governor Bassey Otu’s commitment to widening economic opportunities for small firms across the state.

During an engagement session in Calabar, Ogban noted that the revolving repayment structure, designed to run for up to three years, would allow more entrepreneurs to access the fund as repayments cycle back.

He added that the administration had also issued 1,000 free CAC certificates to promote formalisation, with plans to scale this to 10,000 next year.

He said monitoring and evaluation mechanisms had been strengthened, citing a recent statewide assessment that confirmed proper use of earlier grants for retirees.

The agency expects follow-up checks in six months to ensure compliance and encourage business growth.

Ogban expressed confidence that the intervention would power a more vibrant, competitive economy.

He said the aim was to help nano firms advance to micro level, micro firms grow into small enterprises and small businesses shift into medium-scale operations, creating a stronger commercial base over time.

The initiative drew praise from the Calabar Chamber of Commerce, whose Vice President for MSME and Business Development, Liyel Imoukhuede, described the intervention as a power move that felt like “Christmas for SMEs.”

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He commended the administration for addressing financing and structural gaps that have long constrained enterprise growth.