500 screened for Cross River’s single-digit SME loans

The Cross River State Government, this weekend, took a giant step toward strengthening its small business ecosystem, as the state Microfinance and Enterprise Development Agency (CRSMEDA) cleared 500 entrepreneurs to access the SMEDAN–Sterling Bank single-digit interest loan facility.

The step, according to Great Ogban, the Director-General of Cross River State Microfinance and Enterprise Development Agency (CRSMEDA), was aimed at strengthening its small business ecosystem.

Speaking during an engagement session with beneficiaries, at the Eyo Ita House in Calabar, Ogban, said the initiative reflects Governor Bassey Otu’s unwavering commitment to expanding economic opportunities for small businesses.

He noted that more than 1,000 applications were received, with 500 selected after enterprise development training, business plan development and verification by an IFC-trained team.
“This is a 5% interest rate facility graciously approved by the Governor to support SMEs across the state,” he said. “We are dealing with real SMEs, and we are confident that this funding will stimulate the Cross River economy as these businesses scale up.”

Ogban added that repayment will follow a revolving structure over two to three years, allowing the fund to circulate to other entrepreneurs. To strengthen eligibility, the Governor also sponsored 1,000 free CAC certificates, issued during the engagement, with plans to scale up to 10,000 registrations next year.

On sustainability, Ogban highlighted CRSMEDA’s strong monitoring and evaluation framework, citing the agency’s recent tour across the state to verify utilisation of previous grants for retirees.

“Our M&E team will return to the field within six months to monitor compliance and growth,” he said. “Our mandate is to move nano enterprises to micro, micro to small, and small to medium.”

Looking ahead, Ogban expressed optimism about the long-term impact of the intervention. “In the next three years, we expect a dynamic and competitive economy, where Cross River becomes a major economic nerve centre for Nigeria,” he added.

The Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA) has praised the Cross River State Government’s efforts at strengthening the small business ecosystem, describing the SMEDAN–Sterling Bank loan engagement as “Christmas for SMEs in Cross River State.”

Liyel Imoukhuede, Vice President, MSME and Business Development of the CALCCIMA, stated this during the engagement, adding that the scheme, which includes the loan orientation and presentation of the first batch of CAC certificates, is a landmark move in supporting small businesses.

“This is a very novel event, and indeed Christmas for SMEs in Cross River State,” he said. “We have a Governor who is very intentional about growing the small business ecosystem. The private sector is very supportive of this initiative and will continue to stand with the government.”

He emphasized that small businesses form a significant portion of the state’s commercial activity and commended the government’s deliberate effort to bridge financing, infrastructure and structural gaps limiting SME growth in the state.

“We are here to support the government. We commend the Otu-led administration for putting this intervention and for helping small businesses grow and thrive in Cross River,” he said.

Some of the beneficiaries, including Alex Ego Oyama, Offiong Oku, and Lekam Abam Lekam, said the loan would significantly boost their businesses. They thanked the state government for investing resources to stimulate economic growth across the state.