Access Bank Plc announced the “YouThrive” project with the goal of empowering 700,000 MSMEs in the nation with a 50 billion loan in an effort to support small enterprises.
Victor Etuokwu, the deputy managing director of Access Bank, made this announcement at a news conference in Lagos. He further said that in order to ensure that the MSMEs receiving the program’s benefits could utilize the loan to its full potential, they would receive training.
He stated: “Access Bank has set aside N50 billion to lend to them at a huge, discounted interest rate in order to achieve our goal of financially empowering over 700,000 youth MSMEs.” All candidates for this loan must be between the ages of 21 and 40 in order to be eligible.
created by Access Bank with the goal of empowering, uplifting, and speeding up the upcoming MSMEs. We will empower 4 million youth over the next four years, or one million every year. We are developing a range of capacity-building activities for them, and the curriculum will be focused on technology, creativity, business management, and skill training rather than just loans.
Access Bank’s Head of Emerging Businesses, Chioma Ogwo, stated: “Our goal is to empower four million people in four years, or one million every year.” The recipients of our business exchange program will be able to travel and share ideas with their international peers. 300,000 people would receive training each year, and 700,000 would have access to funding. Following that, we will return to Nigeria to put the best advise—from the best—into practice.
Temitola Adekunle Johnson, Senior Special Assistant to the President for Job Creation and MSMEs, discussed this program and stated that Access Bank’s effort will assist in addressing the problem of small businesses’ inability to obtain loans at reasonable rates.
“Our aim is to ensure single digit loans become the norm for MSMEs,” he continued, adding that the goal is to have commercial banks grant MSMEs loans in the single digits.
He revealed that payments will be issued upon the completion of the loan assessment.
