YouThrive” Initiative to Empower 700,000 MSMEs with N50 Billion Loan
YouThrive” Initiative to Empower 700,000 MSMEs with N50 Billion Loan
The YouThrive program, launched by Access Bank, the largest bank in Nigeria based on customer base, is to empower 700,000 Micro, Small, and Medium-Sized Enterprises (MSMEs) in the nation by providing an N50 billion loan facility.
Deputy Managing Director of Access Bank Victor Etuokwu made this declaration at a news conference held recently at the bank’s Lagos headquarters. Etuokwu stressed that program participants would get training on how to use the money wisely.
He declared, “Access Bank is dedicated to providing over 700,000 young MSMEs with financial empowerment by allocating N50 billion for loans to them at a dramatically reduced interest rate. The age range for candidates to be eligible for this loan is 21 to 40.
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“YouThrive” is a revolutionary project that Etuokwu said aims to empower 4 million young people in the next four years by empowering the next generation of MSMEs.
Access Bank’s Head of Emerging Businesses, Chioma Ogwo, reaffirmed the bank’s pledge to provide finance, business exchange programs, and capacity-building opportunities to empower millions of people each year.
Temitola Adekunle Johnson, the President’s Senior Special Assistant for MSMEs and job creation, praised Access Bank for tackling the problem of small businesses’ inability to obtain loans at reasonable rates. The speaker underscored the government’s objective of attaining single-digit interest rates for MSME loans and stressed the significance of programs such as “YouThrive” in accomplishing this goal.
Adekunle-Johnson revealed that the initiative’s payouts will be handled following loan evaluations, which will lessen the financial difficulties MSMEs have.
He asked other banking institutions to create comparable schemes to boost the SME sector and urged small enterprises to take advantage of this chance for expansion and employment creation.
The “YouThrive” program, which offers crucial funding and training to empower business owners and spur economic growth, is anticipated to have a substantial impact on Nigeria’s MSME scene.
