Access Bank declares ₦50B interest-free loan for small businesses

Access Bank has announced a ₦50 billion support in form of interest-free loans and grants to small and medium-sized enterprises (SMEs) to support the rebuilding of businesses affected by #EndSARS protests, TopNaija reports.

The bank disclosed this information via its Twitter handle on Saturday. The peaceful #EndSARS protests has degenerated into chaos with reports of vandalisation and looting of businesses across the country. The bank said helping businesses recoup their losses was its ‘responsibility and duty.’

“The events of recent days and weeks have been a difficult period in our country’s history. We have all been anxious, worried, and pained at what we have seen in the media and what we have heard from our customers, our colleagues, and loved ones,” the statement read.

“As one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Corporates cannot simply stand by and send messages of solidarity, and go back to ‘business as usual’ without helping get their customers and communities back on-track.

“Supporting business, large and small, is in our DNA and in recent years we have seen entrepreneurial spirit that filled us with hope and confidence in the future. Our young technology entrepreneurs have been building businesses that are celebrated globally and we have seen SMEs flourish and innovate across the country.

The support by Access Bank is expected to help business owners and entreprenuers alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

“As a way of supporting SMEs and the working class of the country following the recent damage of properties and livelihoods experienced across the nation, @myaccessbank has rolled out interest free loans of up to N50bn.

“The fund is expected to serve as a kickstart to these affected communities, people and businesses. #AccessCares #All4One,” the bank added.