The Cross River State Microfinance and Enterprise Development Agency (CRSMEDA) has announced a significant milestone in its effort to stimulate the state’s economy, confirming the imminent disbursement of single-digit interest loans to 500 pre-qualified Micro, Small, and Medium Enterprises (MSMEs). This initiative, part of the joint CRSG/SMEDAN Loan Facility, underscores the State Government’s commitment to empowering the private sector, recognised as the second-highest employer of labor.
Following a high-impact “Access to Finance Engagement” session, CRSMEDA confirmed its readiness to facilitate the loans. The facility features an exceptionally attractive 5% interest rate and a three-month moratorium, making capital highly accessible to small businesses across the state.
Mr. Great Ogban, the Director-General/CEO of CRSMEDA, stated, “We are all but ready for the disbursement. This facility is designed to be supportive and accessible, reflecting Governor Bassey Otu’s unwavering commitment to economic expansion.” He emphasized that the 500 beneficiaries were selected after a rigorous statewide verification process, including enterprise development training and physical business premises assessments. To maintain eligibility, beneficiaries with outstanding loans in other financial institutions were strictly advised to clear their backlogs immediately.
In a further demonstration of government support, One Thousand (1,000) business owners were presented with their free Corporate Affairs Commission (CAC) certificates during the event. This critical intervention, sponsored by the State Government, aims to regularise and formalise the operations of nano and micro-enterprises, facilitating their transition into the formal economy.
Mr. Ogban hinted at plans for a massive scale-up of this formalization drive, announcing that the State is preparing for another round of free CAC registration targeting Ten Thousand (10,000) small businesses next year. This is a strategic move to build a competitive and formalised private sector across Cross River State.
The business community has warmly received the initiative. Mr. Liyel Imoukhuede, Vice President of Business Development & MSME at the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), praised the government’s effort.
“This is a very novel event, and indeed Christmas for SMEs in Cross River State,” Mr. Imoukhuede stated. “We have a Governor who is very intentional about growing the small business ecosystem. The private sector is very supportive of this initiative.”
CRSMEDA confirmed that its robust monitoring and evaluation framework is in place to track the utilisation and impact of the funds, ensuring the facility operates on a revolving structure over two to three years to benefit more entrepreneurs over time.
Some of the beneficiaries, including Alex Ego Oyama, Offiong Oku, and Lekam Abam Lekam, took turns to hail the governor for the initiative and hinted that the loan would greatly enhance their businesses and concluded by thanking the state government for investing in economic growth across the state.
