The Cross River State Microfinance and Enterprise Development Agency (CRSMEDA) has officially commenced a loan verification exercise for prospective beneficiaries of the Cross River State Government (CRSG)/SMEDAN–Sterling Bank Loan Facility.
The initiative, designed to empower both start-ups and existing businesses, is part of ongoing efforts to expand access to credit for small business owners across the state.
Speaking during the flag-off of the exercise, the Director-General and Chief Executive Officer of CRSMEDA, Great Ogban, explained that the verification is a critical step in ensuring transparency and credibility in the loan disbursement process. According to him, the exercise aligns with global best practices in loan administration and would help guarantee that genuine entrepreneurs benefit from the facility.
The verification team, led by Barr. Ikpi Itam Okoi, Manager of Investment, Funding, and Credit, and Mr. Okon Ebi, Senior Investment, Funding, and Credit Officer, will be visiting and assessing businesses of over 1,520 loan applicants across the state within the next two weeks.
In addition to the assessment, applicants will also be encouraged to open personal savings accounts with Sterling Bank, the designated financial partner and fund manager for the scheme.
CRSMEDA further disclosed that small business owners interested in the facility can still take advantage of the Cross River State Enterprise Development Center (CRS-EDC), which is running a ten-day hands-on training program for entrepreneurs. Successful participants will be issued the EDC Certificate, a mandatory requirement to qualify for the loan.
This initiative is expected to stimulate business growth, reduce unemployment, and strengthen the entrepreneurial ecosystem in Cross River State, in line with the government’s vision of promoting self-reliance and sustainable economic development.
