C’River, BOI launch N2bn MSME low-interest loan

The Cross River State government has partnered with the Bank of Industry (BOI) to unveil a ₦2 billion Micro, Small and Medium Enterprises (MSMEs) matching fund, offering entrepreneurs access to single-digit interest loans aimed at stimulating production, job creation and wealth generation.

The initiative was unveiled during a town hall meeting at the Professor Eyo Ita House in Calabar, where government officials, financial experts and hundreds of entrepreneurs converged to explore funding opportunities and the conditions for accessing the facility.

Director-General and Chief Executive Officer of the Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), Mr. Great Ogban, described the intervention as a strategic move by the Governor Bassey Otu administration to unlock the potential of local businesses by expanding access to affordable finance.

Ogban said the government remains committed to dismantling financial barriers that have hindered the growth of small enterprises, stressing that empowering entrepreneurs is critical to driving inclusive economic growth across the state.

Representing the BOI, the Divisional Head, South-South, Mr. Pacqueens Irabor, disclosed that the ₦2 billion fund will provide businesses with loans at a highly competitive interest rate of 7.5 percent, repayable over a period of three to five years.

He said that the financing package covers both term loans for the acquisition of production equipment and working capital loans to support business operations in sectors such as agriculture, manufacturing, fashion, hospitality and other productive ventures.

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He outlined the eligibility requirements for prospective beneficiaries, including submission of a proforma invoice, operational invoice and 12 months of business bank statements.

Irabor added that applicants seeking loans below ₦3 million will require one guarantor, while those applying for amounts exceeding ₦5 million must provide two guarantors, a Certificate of Occupancy valued at twice the loan amount as collateral, and evidence that the business is registered as a limited liability company.

Addressing concerns over land documentation, Director of the Land Bank at the Cross River Geographic Information Agency (CRGIA), Mr. Yemi Nelson, assured participants that the agency has streamlined its processes, reducing the timeline for obtaining Certificates of Occupancy to just 60 days.

Managing Director of the Cross River Microfinance Bank, Mr. Ayi Archibong, reaffirmed the bank’s commitment to supporting MSMEs through innovative financial products designed to strengthen local enterprises and stimulate economic activity.