Access Bank Plc announced today that they would begin the disbursement of the N50 billion interest-free loan the bank set aside for micro, small and medium-size enterprises (MSMEs).
This announcement comes on the heels of the economic devastation caused by the COVID19 pandemic, coupled with the destruction and looting perpetrated by hoodlums under the guise of #EndSARS protests which has thrown business owners into debts.
This was disclosed over a telephone interview by the Deputy Group Managing Director, Access Bank, Mr. Roosevelt Ogbonna who said: “From tomorrow (Monday), we would start collecting application from customers. There is an interest-free loan as well as a grant also embedded in that”.
The interest-free loan has a maximum tenure of 24 months for customers to access finance while 12 months for the working capital.
The grant is also aimed at youth empowerment and community development. It is created to focus on the tech industry as well as skill development, which is for those who are tailors, barbers, mechanics, etc.
The creative industry is also a target of the grant as the grant seeks to support those in advertising, the arts and antiques market, crafts, film, fashion, music, performing arts, television, and radio.