Access Bank Boosts MSME Support with Expanded N50 Billion Loan Scheme; empowering Entrepreneurs for Sustainable Growth.
Access Bank Plc has announced a substantial increase in its Micro, Small, and Medium Enterprises (MSMEs) loan scheme, elevating the funding pool from N30 billion to N50 billion. This strategic move aims to fortify assistance to small businesses across Nigeria.
This adjustment aligns with the impending disbursement of N75 billion to Micro, Small, and Medium Enterprises (MSMEs) nationwide in January 2024, in collaboration with the Bank of Industry (BOI). Initially set at N30 billion, Access Bank now aspires to extend its support to benefit 4 million MSMEs, particularly focusing on women and young entrepreneurs.
During a meeting at the Presidential Villa with Vice President Kashim Shettima, Roosevelt Ogbonna, the Group Managing Director of Access Bank, shared the bank’s commitment to fostering the establishment and financing of more businesses in the country.
Temitola Adekunle Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation, commended Access Bank’s decision to augment the loan pool, highlighting its potential to positively impact more lives. Beneficiaries are anticipated to receive loans with a 15% discount, with potential reviews based on the loan’s performance after a year.
Vice President Shettima praised the bank’s generosity and the collaborative influence on MSMEs, recognizing the significance of Access Bank’s partnership with the federal government.
Experts view this upward adjustment of Access Bank’s MSME loan as a pivotal development for small businesses in Nigeria. The additional N20 billion infusion is seen as crucial funding to boost business growth and employment creation.
The government’s intervention with a N75 billion fund is considered a promising initiative to reinforce support for MSMEs. The collaboration with the Bank of Industry ensures efficient distribution, reaching businesses in need.
However, experts emphasize that the success of these interventions depends on effective implementation. Access Bank and BOI must ensure accessibility to these loans across all MSMEs, regardless of size or location.
By supporting MSMEs, both the government and banks can significantly impact Nigeria’s economic landscape, fostering job creation and poverty reduction.