Cross River Approves Single-Digit SME Loans: 500 Businesses Cleared for Low-Interest Funding

The Cross River State Government has moved to strengthen its business landscape by approving 500 entrepreneurs for the SMEDAN–Sterling Bank single-digit interest loan programme designed to boost small and medium enterprises across the state.

The initiative, driven by the Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), is part of Governor Bassey Otu’s push to expand access to affordable financing and stimulate economic growth.

500 Entrepreneurs Selected from Over 1,000 Applicants

Speaking during an engagement session held at Prof. Eyo Ita House in Calabar, the Director-General of CRSMEDA, Great Ogban, explained that more than 1,000 applications were submitted, but only 500 were selected after a rigorous process, which included enterprise development training, business plan assessments and verification by an IFC-trained team.

Ogban highlighted that the approved SMEs will access a 5% interest rate loan facility aimed at helping them scale operations, create jobs and strengthen the state’s business ecosystem. He added that the revolving repayment model, set between two to three years, will allow funds to be recycled and redirected to other entrepreneurs.

Governor Otu Sponsors 1,000 Free CAC Certificates

To further enhance eligibility and business formalisation, the state government sponsored 1,000 free Corporate Affairs Commission (CAC) certificates, which were issued during the engagement session. Ogban also revealed that the plan is to increase the number to 10,000 registrations next year as part of the administration’s SME expansion agenda.

He reaffirmed the agency’s commitment to transparency and accountability, noting that a monitoring and evaluation team will revisit beneficiaries within six months to track growth and compliance.

Private Sector Commends Government’s SME Drive

The Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA) applauded the initiative, calling it a major milestone for the state’s business community. The Vice President for MSME and Business Development, Liyel Imoukhuede, described the scheme as a timely intervention that will support small businesses and close existing financing and infrastructure gaps.

He praised Governor Otu for adopting an intentional approach to economic development, noting that SMEs make up a substantial portion of the state’s commercial activities.

Beneficiaries Express Hope and Appreciation

Some recipients, including Alex Ego Oyama, Offiong Oku and Lekam Abam Lekam, expressed gratitude to the state government, stating that the single-digit loan will significantly enhance their business capacity. They commended the administration for investing resources to support entrepreneurship and drive long-term economic growth across Cross River State.