500 SMEs to Benefit as Cross River Rolls Out Fresh Business Loan Programme
The government of Cross River State has cleared 500 small business owners to benefit from a new loan scheme aimed at boosting its SME sector. CRSMEDA (Cross River State Microfinance and Enterprise Development Agency) screened and approved the entrepreneurs for access to a single-digit interest loan facility in partnership with SMEDAN and Sterling Bank.
The programme — part of efforts under Governor Bassey Otu’s administration — offers a 5% interest rate loan to support small and micro-enterprises across the state.
More than 1,000 entrepreneurs originally applied; after receiving enterprise-development training, presenting business plans, and undergoing verification by an IFC-trained team, 500 were selected.
Repayment will operate as a revolving fund over a period of two to three years, allowing disbursed funds to eventually finance other entrepreneurs — a design meant to ensure sustainability and promote growth across multiple SMEs.
Business leaders in the state, including members of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), lauded the initiative. They described the loan scheme as “Christmas for SMEs,” emphasizing that support like this will help close financing and structural gaps that have long inhibited small-business growth.
Overall, the initiative marks a significant push by the Cross River government to deepen its small-business ecosystem, encourage entrepreneurship, and stimulate economic activity across the state.
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