Access Bank Announces N50 Billion Interest Free Loans and Grants For SMEs

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Herbert Wigwe, Access Bank CEO/GMD
Herbert Wigwe, Access Bank CEO/GMD

Access Bank Plc has announced that it will be providing N50 billion interest-free loans and grants to Nigerians to support communities, the youths, and micro, small and medium-sized businesses (MSMEs).

This is to help cushion the effect of Covid-19 pandemic, coupled with the hijacked #EndSARS protests that led to the looting and destruction of businesses which has thrown some Nigerians and business owners into debts.

The announcement was made by the bank through its social media pages.

According to the bank; “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information.”

“As a way of supporting SMEs and the working class of the country following the recent damage of properties and livelihoods experienced across the nation, @myaccessbank has rolled out interest free loans of up to N50bn.”

“The events of recent days and weeks have been a difficult period in our country’s history. We have all been anxious, worried, and pained at what we have seen in the media and what we have heard from our customers, our colleagues, and loved ones,” the statement read.

“As one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Corporates cannot simply stand by and send messages of solidarity, and go back to ‘business as usual’ without helping get their customers and communities back on-track.

“Supporting business, large and small, is in our DNA and in recent years we have seen entrepreneurial spirit that filled us with hope and confidence in the future. Our young technology entrepreneurs have been building businesses that are celebrated globally and we have seen SMEs flourish and innovate across the country.

The show of support from Access Bank is expected to help alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy. The fund is expected to serve as a kickstart to these affected communities, people and businesses.

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