Cross River State has taken a major step to boost its small business ecosystem after its enterprise development agency cleared five hundred entrepreneurs to access the single-digit interest loan facility jointly managed by the national small enterprise agency and a major commercial bank. The announcement was made during an engagement session in Calabar, where state officials reaffirmed their commitment to expanding economic opportunities for small businesses.
According to the leadership of the state’s microfinance and enterprise development agency, the initiative is part of the administration’s broader plan to empower genuine small enterprises across the state. The agency received more than one thousand applications, with five hundred selected after enterprise development training, business plan preparation, and verification carried out by a team trained by an international finance institution. The loan carries a five percent interest rate, approved by the state government to support viable SMEs and stimulate economic activity as the beneficiaries scale their operations.
The loan is structured as a revolving facility, with repayment spread across two to three years to ensure that more entrepreneurs can benefit over time. To improve eligibility and formalisation, the state government also sponsored one thousand free business registration certificates for distribution during the engagement, with plans to increase the number to ten thousand next year. The agency noted that it has a monitoring and evaluation system in place, including statewide verification exercises, to ensure that funds are properly utilised and that businesses under its programmes continue to grow.
State officials expressed optimism about the long-term impact of the intervention, projecting that within three years, Cross River will experience stronger competitiveness and emerge as a more active economic hub. They emphasised that the mandate is to move nano enterprises into micro status, support micro enterprises to grow into small businesses and help small businesses transition into more stable medium-sized firms.
The state’s chamber of commerce commended the initiative, describing the loan engagement and the distribution of registration certificates as a timely boost for the local business community. The chamber highlighted the administration’s intentional approach to SME support, noting that small businesses constitute a major share of the state’s commercial activity. It praised the government for addressing financing, infrastructure and structural gaps that have historically hindered SME growth.
Beneficiaries at the event said the loan would significantly strengthen their operations and expressed gratitude to the state government for committing resources to drive economic expansion across Cross River State.
