The Cross River State Government, in partnership with the Bank of Industry (BOI), has launched a ₦2 billion matching fund aimed at boosting Micro, Small and Medium Enterprises (MSMEs) across the state.
The fund was unveiled during a town hall meeting in Calabar, where entrepreneurs, financial experts and government officials gathered to discuss strategies for business growth and economic development. According to officials, the initiative is designed to improve access to affordable financing for small businesses and stimulate job creation.
Director-General of the Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), Great Ogban, said the programme reflects the commitment of Governor Bassey Otu's administration to supporting grassroots businesses and removing barriers that hinder enterprise growth.
Speaking on behalf of the Bank of Industry, South-South Divisional Head Pacqueens Irabor disclosed that the facility offers a repayment period of three to five years at a single-digit interest rate of 7.5 per cent. He explained that the loans will support the purchase of production equipment as well as provide working capital for eligible businesses in sectors such as agriculture, manufacturing, fashion and hospitality.
Irabor noted that while the scheme supports the importation of production equipment, it does not cover finished retail goods. He also outlined eligibility requirements, including guarantors, business registration documents and collateral for higher loan categories.
Also speaking, Director of the Land Bank at the Cross River Geographic Information Agency (CRGIA), Yemi Nelson, assured entrepreneurs that the process of obtaining Certificates of Occupancy has been simplified and can now be completed within 60 days to ease access to credit facilities.
Stakeholders at the event expressed optimism that the intervention fund will provide much-needed capital for businesses, strengthen local enterprises and contribute to economic growth across Cross River State.
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