The Cross River State Government has taken a significant step toward strengthening its small business sector by approving 500 entrepreneurs for access to single-digit interest loans through the SMEDAN-Sterling Bank facility.
Strengthening Small Business Ecosystem
During an engagement session with beneficiaries at the Prof. Eyo Ita House in Calabar, the Director-General of Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), Mr. Great Ogban, announced that the initiative reflects Governor Bassey Otu's unwavering commitment to expanding economic opportunities for small businesses across the state.
Ogban revealed that the agency received more than 1,000 applications for the loan program, with 500 entrepreneurs successfully selected after undergoing comprehensive enterprise development training, business plan development, and thorough verification by a team trained by the International Finance Corporation (IFC).
Loan Details and Support Structure
The approved entrepreneurs will benefit from a five percent interest rate facility that Governor Otu has graciously approved to support SMEs throughout Cross River State. According to Ogban, "We are dealing with real SMEs, and we are confident that this funding will stimulate the Cross River economy as these businesses scale up."
The repayment structure follows a revolving model spanning two to three years, allowing the funds to circulate to other entrepreneurs once initial repayments are made. To further strengthen eligibility and formalize businesses, the governor sponsored 1,000 free CAC certificates that were issued during the engagement session, with plans to scale up to 10,000 registrations next year.
Monitoring and Long-term Vision
On sustainability, Ogban highlighted CRSMEDA's robust monitoring and evaluation framework, noting that the agency recently conducted tours across the state to verify utilization of previous grants for retirees. "Our M&E team will return to the field within six months to monitor compliance and growth," he stated, emphasizing that their mandate is to move nano enterprises to micro, micro to small, and small to medium.
Looking toward the future, Ogban expressed optimism about the intervention's long-term impact, projecting that "In the next three years, we expect a dynamic and competitive economy, where Cross River becomes a major economic nerve centre for Nigeria."
Private Sector Support and Beneficiary Reactions
The Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA) has praised the state government's efforts, describing the SMEDAN-Sterling Bank loan engagement as "Christmas for SMEs in Cross River State." Mr. Liyel Imoukhuede, Vice President for MSME and Business Development of CALCCIMA, commended the Otu-led administration during the engagement, noting that "We have a governor who is very intentional about growing the small business ecosystem."
Several beneficiaries, including Mr. Alex Ego Oyama, Mrs. Offiong Oku, and Mr. Lekam Abam Lekam, expressed gratitude to the state government, stating that the loan would significantly boost their businesses and thanking the administration for investing resources to stimulate economic growth across Cross River State.
