Cross River State is making bold moves to supercharge its small business sector. In a major boost for local enterprise, the state’s development agency has cleared 500 entrepreneurs to access a single-digit interest loan, thanks to a joint effort with Nigeria’s national small enterprise agency and a leading commercial bank.
The announcement came at a lively engagement session in Calabar, where state officials reaffirmed their commitment to unlocking economic opportunities for SMEs. More than 1,000 businesses applied, but only those who completed enterprise development training, crafted solid business plans, and passed a rigorous verification process—conducted by experts trained by an international finance institution—were selected.
With a competitive 5% interest rate and repayment spread over two to three years, the revolving loan facility is designed to help viable SMEs scale quickly and keep the support cycle going for future entrepreneurs. In a push to formalize and strengthen the sector, the state government also distributed 1,000 free business registration certificates, with plans to ramp up to 10,000 next year.
State officials and the chamber of commerce praised the initiative as a catalyst for growth, aiming to help nano enterprises become micro, micro businesses grow into small firms, and small businesses transition into stable, medium-sized companies. The agency has put in place a robust monitoring system—including regular verification exercises—to ensure funds are used effectively and participating businesses continue to thrive.
Beneficiaries expressed gratitude, saying the loan and support would significantly strengthen their operations and fuel economic expansion across Cross River State. The move is widely seen as a timely and strategic investment in the state’s future as a competitive business hub.
