Access Bank Increases MSMEs Loan Scheme To N50bn

Access Bank Increases MSMEs Loan Scheme To N50bn

The management of Access Bank Plc has announced an increase in its Micro, Small, and Medium Enterprises (MSMEs) loan scheme from N30 billion Naira to N50 billion Naira, to bolster support for small-scale businesses in the country.

This increase comes in line with the recently announced forthcoming disbursement of N75 billion to Micro, Small, and Medium Enterprises (MSMEs) nationwide in January 2024, in collaboration with the Bank of Industry (BOI).
Initially earmarked at N30 billion, Access Bank aims to expand its support to 4 million MSMEs, women, and young individuals in Nigeria.

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Access Bank N50bn MSMEs Loan Scheme | Access Bank Increases MSMEs Loan Scheme To N50bn

The development of an increase from 30 billion to 50 billion Naira was recently disclosed by the management of the Access Bank group during a  meeting at the Presidential Villa with Vice President, Kashim Shettima. The bank’s Group managing director, Roosevelt Ogbonna said, the bank’s target is to enhance the creation and funding of more businesses in the country.

After the announcement, the senior special assistant to the President on MSMEs and job creation, Mr. Temitola Adekunle Johnson commended the decision of the bank to increase the loan pool, emphasizing the potential to positively impact more lives. Notably, beneficiaries are expected to receive the loans at a 15% discount, with potential reviews based on the loan’s performance after a year.

Vice President Shettima also joined his voice with that of Temitola Adekunle Johnson to loud the bank’s effort and acknowledge the significance of Access Bank’s partnership with the federal government.

This upward adjustment of Access Bank’s loan to MSMEs, according to experts, is a crucial development for small businesses in Nigeria, saying an additional N20 billion infusion will provide vital funding to bolster business growth and employment creation.

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How to Apply for Access Bank N50bn MSMEs Loan Scheme

No significant information has been provided, but you can visit the nearest Access Bank branch to enquire about the loan.

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