One of Nigeria’s largest banks, Access says it chose to launch its well acclaimed fifty billion Naira interest free loan and grant fund for small businesses which fell victim to attacks by hoodlums last week because of its sense of duty to help budding Nigerian entrepreneurs to get back on their feet.
The innovative fund was first unfolded Saturday Access Bank Plc’s CEO Herbert Wigwe in a telephone call to BusinessDay and it the bank’s response to the heart wrenching experience of small businesses which were looted by hoodlums during the ENDSARS protest.
According to Roosevelt Ogbonna, Access Bank’s deputy CEO, “as one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Some of these up-coming businesses are also our customers.
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“Corporates cannot simply stand by and send messages of solidarity and then go back to ‘business as usual’ without helping get their customers and communities back on-track.”
He explained that, “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 about 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.
“There has been a set-back on this journey and we feel their hurt and that of our nation. We are committed to restarting these businesses quickly but even more importantly to ensure we come out of this stronger and we are more successful together.”
On how the fund will work, the deputy CEO, said, “we have set aside a minimum of N50bn (through interest-free loans and grants) to support the rebuilding of businesses and to bring greater opportunities.
“It will support our micro, small and medium sized businesses who employ most Nigerians and feed and educate our children.”
The fund will be used to support the communities we live in, the people who protect us and the spaces that we need as communities to thrive.
“We are keen to support our young population who represent the future and hope for our nation,” he said.
A set of criteria for eligibility for the fund is being worked out and should be ready late Monday and subsequently it is expected that application can be completed from end to end in 72 hours.
