The Enterprise Development Centre of Pan-Atlantic University has partnered with Fast Credit to introduce a single-digit financing scheme aimed at strengthening micro, small, and medium enterprises across Nigeria. The initiative, unveiled at an event in Lagos, seeks to address the persistent funding challenges faced by small businesses grappling with high-interest loans.
The Acting Managing Director of Fast Credit, Yetunde Faulkner, explained that the partnership is designed to ensure MSMEs scale sustainably through improved access to affordable finance. Under the scheme, entrepreneurs can access loans starting from N5 million at a flat monthly interest rate of 0.75 per cent, equivalent to nine per cent per annum. The financing is provided in collaboration with one of Fast Credit’s developmental finance partners, the Bank of Industry.
Faulkner highlighted that Fast Credit has committed N2 billion to the partnership, aiming to help businesses grow revenues faster than costs while remaining sustainable. She emphasised that the loan scheme is expected to create new jobs, a critical need for Nigeria’s economy, and make a tangible impact on families and communities, particularly in Lagos.
The Director of EDC, Dr Nneka Okekearu, described the partnership as a historic step in bridging the financing gap for entrepreneurs. She noted that while the centre collaborates with several commercial banks, the high double-digit interest rates often make borrowing prohibitive for SMEs. By offering single-digit loans, the initiative seeks to boost productivity, enabling manufacturers to expand output and create more dignified employment opportunities for young Nigerians.
“Someone who previously had just N2 million to transact business now has access to N10 million, translating to increased production capacity and healthier margins,” Okekearu said. Entrepreneurs within EDC’s network who meet the eligibility requirements will be able to access loans of at least N5 million at the nine per cent annual rate.
Executive Director at Fast Credit, Aviomoh Daniel, outlined that applicants are assessed primarily on business credibility, profitability, and character, with collateral being a secondary consideration. He advised that registering as a limited liability company enhances credibility and security for borrowing.
The scheme has been well received by business consultants and entrepreneurs alike. Feyikemi Odunuga, a business consultant, noted that the initiative will provide much-needed capital to her mentees, particularly those in the manufacturing sector. EDC alumnus Kachi Salvation described the program as “amazing,” highlighting its potential to train women on effective business management while providing access to affordable finance.
Applicants are required to provide key documents , including a 12-month bank statement, BVN, NIN, TIN of key directors, company profile, valid identification, passport photograph, verifiable credit history, a direct debit mandate, utility bill, guarantor details, vendor invoice, as well as collateral valuation and perfection.
The partnership between EDC and Fast Credit is poised to deliver significant relief for Nigerian SMEs, giving businesses the capital to expand operations, create jobs, and sustain long-term growth, while also addressing the broader challenge of access to affordable financing in the country.
