By 𝔸bdulrazak Tomiwa

Governor Bassey Otu of Cross River State has officially launched the N500 million business loan disbursement to indigenous entrepreneurs through the Cross River State Microfinance and Enterprise Development Agency (MEDA).

This initiative aims to provide direct financial support to local businesses to stimulate economic growth across the state.

The loan scheme is a key pillar of the “People First” mandate, specifically targeting Micro, Small, and Medium Enterprises (MSMEs). By providing accessible capital, the government intends to help these businesses increase their productivity and create sustainable job opportunities for citizens.

A rigorous selection process ensured that genuine entrepreneurs from all 18 local government areas benefited from the fund. The goal is to help “nano-enterprises” scale up into micro-businesses and eventually transition into medium-scale operations, fostering a more competitive local economy.

Beyond providing cash, the state has also helped businesses formalize their operations by sponsoring free Corporate Affairs Commission (CAC) registrations. This legal recognition ensures that local entrepreneurs are better positioned to access further institutional support and future partnerships.

The loans feature a single-digit interest rate, making them significantly more affordable than standard commercial bank options. This low-cost structure reduces the financial burden on borrowers, while the revolving nature of the fund allows repaid loans to support new applicants.

Private sector leaders, including the Calabar Chamber of Commerce, have praised the governor’s “intentional” approach to SME growth. They noted that such interventions are essential for bridging the financing gaps that often hinder small businesses from thriving in the current climate.

Beneficiaries expressed gratitude and pledged to use the capital to scale their trades and contribute to the state’s prosperity. To ensure accountability, the government will conduct follow-up assessments within six months to monitor the growth and compliance of the funded businesses.