The Cross River State Government today announced the approval of single-digit interest loans for 500 small and medium enterprises (SMEs) as part of Governor Bassey Otu's commitment to expanding economic opportunities and strengthening the state's business ecosystem.
This initiative, in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank, follows a rigorous screening of over 1,000 applications by the Cross River State Microfinance and Enterprise Development Agency (CRSMEDA).
The selected entrepreneurs completed enterprise development training, business plan preparation, and verification by an International Finance Corporation (IFC)-trained team to ensure only genuine SMEs benefit. The loans carry a 5% interest rate and operate on a revolving basis over two to three years, allowing funds to circulate and support more businesses in scaling operations from nano to medium levels.
In a further boost to formalization, Governor Otu sponsored 1,000 free Corporate Affairs Commission (CAC) certificates, issued during an engagement session at Prof. Eyo Ita House in Calabar. Plans are in place to expand this to 10,000 certificates next year. CRSMEDA has enhanced its monitoring and evaluation framework, with field visits scheduled in six months to verify progress and proper utilization.
Director-General of CRSMEDA, Mr. Great Ogban, stated, "This is a 5% interest rate facility graciously approved by the Governor to support SMEs across the state. We are dealing with real SMEs, and we are confident that this funding will stimulate the Cross River economy as these businesses scale up. In the next three years, we expect a dynamic and competitive economy, where Cross River becomes a major economic nerve centre for Nigeria."
Vice President for MSME and Business Development at the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), Mr. Liyel Imoukhuede, commended the program: "We have a governor who is intentional about growing the small business ecosystem. This is Christmas for SMEs in Cross River State. The private sector is supportive and will continue to stand with the government."
Beneficiaries expressed appreciation for the support. Mr. Alex Ego Oyama said, "This loan will greatly boost my business." Similar sentiments came from Mrs. Offiong Oku and Mr. Lekam Abam Lekam, who thanked the administration for fostering economic growth.
This landmark initiative underscores Cross River's focus on addressing financing, infrastructure, and structural gaps to empower SMEs, which drive a significant portion of the state's commercial activity.