The Cross River State Government has approved 500 small business owners to access the SMEDAN–Sterling Bank single-digit interest loan facility, marking a major step in strengthening the state’s SME ecosystem.
In a statement made available to PUNCH Online on Saturday, signed by the Director-General of Cross River State Microfinance and Enterprise Development Agency, Mr Great Ogban, the government said the entrepreneurs were screened and cleared for the facility.
The screening and clearance were conducted by CRSMEDA, whose Director-General, Ogban, said the initiative aligns with Governor Bassey Otu’s commitment to expanding economic opportunities for small businesses.
Speaking during an engagement session with beneficiaries at Prof. Eyo Ita House, Calabar, Ogban said more than 1,000 applications were received for the facility, with 500 selected after enterprise development training, business plan preparation, and verification by an IFC-trained team.
“This is a 5% interest rate facility graciously approved by the Governor to support SMEs across the state,” he said. “We are dealing with real SMEs, and we are confident that this funding will stimulate the Cross River economy as these businesses scale up.”
He explained that repayment will run on a revolving structure over two to three years to allow more entrepreneurs access to the fund. As part of efforts to improve formalisation, Governor Otu also sponsored 1,000 free CAC certificates issued during the engagement, with plans to expand to 10,000 next year.
On sustainability, Ogban said the agency has strengthened its monitoring and evaluation framework, noting that a recent statewide assessment validated the proper utilisation of previous grants for retirees.
“Our M&E team will return to the field within six months to monitor compliance and growth. Our mandate is to move nano enterprises to micro, micro to small, and small to medium.”
Looking ahead, Ogban expressed optimism about the long-term impact of the intervention.
“In the next three years, we expect a dynamic and competitive economy, where Cross River becomes a major economic nerve centre for Nigeria,” he added.
The initiative also received commendation from the Calabar Chamber of Commerce, Industry, Mines and Agriculture.
Vice President, MSME and Business Development, Liyel Imoukhuede, described the intervention as “Christmas for SMEs in Cross River State.”
“This is a very novel event. We have a governor who is intentional about growing the small business ecosystem. The private sector is supportive and will continue to stand with the government.”
Imoukhuede noted that small businesses drive a large share of the state’s commercial activity and praised the administration’s efforts to close financing, infrastructure, and structural gaps limiting SME growth.
“We are here to support the government. We commend the Otu-led administration for putting this intervention and for helping small businesses grow and thrive in Cross River,” he said.
Some of the beneficiaries, including Alex Ego Oyama, Offiong Oku, and Lekam Abam Lekam, said the loan would greatly enhance their businesses and thanked the state government for investing in economic growth across the state.
