Access Bank Begins Disbursement of N50bn Interest-free Loan
Access Bank Plc will today commence the disbursement of the N50 billion interest-free loan and grant it set aside for micro, small and medium size enterprises (MSMEs) that were destroyed by hoodlums in the wake of the protest against police brutality in the country last week.
The Deputy Group Managing Director, Access Bank, Mr. Roosevelt Ogbonna, in a telephone interview with THISDAY, yesterday, said: “From tomorrow (Monday), we would start collecting application from customers. There is an interest-free loan as well as a grant also embedded in that.”
He stated that the loan would be targeted at customers of the financial institution across its MSME business, commercial banking customers as well as corporate banking customers affected by the looting and arson in some parts of the country last week.
According to him, the idea is to support working capital as well as access finance.
He explained: “It has a maximum tenor of 24 months for the access finance and 12 months for the working capital. 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. Both are interest-free.
“For the grant, we have broken it into two. Firstly is that for youth empowerment and community development. The youth empowerment is in two parts. We have a segment of the grant that is focused on supporting the tech industry and we have another that is focused on skill development, which is for those that are for tailors, barbers, mechanics, criteria.
“The idea is that our branches are all over the country, so whatever skill you have, go to any of our branches and you will get whatever support you require.”
The bank had explained in a notice to announce the fund that: “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with N50 billion interest-free loans and grants.”
The creative industry comprising the advertising, architecture, the arts and antiques market, crafts, design, designer fashion, film, interactive leisure software, music, performing arts, publishing, software, television, and radio can bridge the unemployment gap in Nigeria if commercial banks in the country are much more receptive to financing them, the Group Managing Director of Access Bank, Mr. Herbert Wigwe, had said.
However, if your business was affected by the recent vandalization and looting, First Bank is requesting you fill their survey form as you stand a chance of receiving financial assistance. Fill form here.
End SARS: Primate Ayodele tells Buhari what’ll happen if he uses force, reveals force against govt
The leader of INRI Evangelical spiritual church, Primate Elijah Ayodele has said that the only person against the President Muhammadu Buhari government is God.
He also said that to quell the ongoing nationwide protests, President Muhammadu Buhari should “sack his service chiefs, including the Inspector General of Police and the Army Chief of Staff.”
The cleric warned the President against the use of military force on the protesters, saying that it will only escalate it.
He mentioned that the only solution is to sack the service chiefs.
According to Ayodele, the protest is not ordinary, insisting that God is involved in it because the protesters stayed united and pray to God on the protest ground.
“Address the nation because there is more to this protest, it is God’s will, God is about to listen to the angry people in Nigeria,” Ayodele said in a statement to DAILY POST on Sunday.
“God wants to put something to Nigerians. It is high time for the president to act before it’s too late, nobody is against Buhari’s government other than God. God is behind these protesters, it should be addressed as soon as possible.
“Buhari should not use force to stop this protest or else it will become deadlier, he should address the nation and do what is right before it’s too late.
“This is a warning to all politicians who are not fit to be in the seat of power, our democracy is shaking. Nigeria unity is shaking too.”
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