Access Bank Plc announced free interest Loan amounting to the sum of N50 Billion naira to help businesses to survive.
The economy of the country Nigeria being dented by the Covid19 pandemic and #EndSars protests which had directly or indirectly disturbed the smooth sailing and the growth of much businesses in Nigeria.
The no interest rate loan will start from the year 2021, which will be a good initiative to support businesses.
Access Bank Plc will start the disbursement of the N50 billion no-interest loans and grant it had mapped out for business in these categories:
- Micro, medium, and small size enterprises (MSMEs) that were destroyed by miscreants in the wake of the protest against police brutality in the country a few weeks ago.
- Commercial banking customers as well.
- Corporate banking customers affected by the protests in some parts of the country a few weeks ago.
- Customers of the financial institution across its MSME business,
LOAN REPAYMENT PLAN
- The structure is flexible and it is to align with the customers’ cash flow.
- The term facility would have a moratorium period of six months and then we would structure the repayment following the customers’ own cash flow cycle.
- It has a maximum tenor of 24 months for the access finance and
- 12 months for the working capital.
- Both are interest-free.
FOR THE FREE GRANT:
It encompasses two segments The youth empowerment is in two categories which consist of the tech industry and skill development, namely:
THE CREATIVE INDUSTRY COMPRISES
- The arts and antique market,
- Designer fashion,
- Performing arts,
- Television, and
- Interactive leisure software,