Deputy managing director of Access Bank,Victor Etuokwu, disclosed this at a news conference held recently at the bank’s Lagos headquarters.
Etuokwu said MSMEs that would benefit from the initiative would receive training to make the best use of the loan, according to a BusinessDay report.
To be eligible to access this loan, he stressed that all applicants must be between the ages of 21 and 40.
He said:
“The Youthrive’ is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. In the next four years, we will empower 4 million youth, one million per year.”
More than just lending for Access Bank
Etuokwu said the initiative would not just be about lending but also serve as various capacity-building activities for them as the curriculum will be centred around technology, creatives, business management and skill acquisition.
Chioma Ogwo, head of emerging businesses at Access Bank, said there will be job prospects as the bank and its parent companies will hire 1000 exceptional people who complete the programme to work in the tech sector, the Access corporation ecosystem, and other partner organisations.
According to Temitola Adekunle Johnson, senior special assistant to the president for job creation and MSMEs
Access Bank’s initiative will assist in addressing the problem of small businesses’ inability to obtain loans at reasonable rates.
According to him, the goal is for commercial banks to lend MSMEs just one digit. Johnson also said the program will assist in lessening the obstacles that MSMEs frequently encounter when trying to obtain capital for their operations.
He revealed that payments will be issued upon completing the loan assessment.
Johnson commended the bank for using its funds and giving out the loan at a discounted rate, urging small businesses to take advantage of the opportunity and grow their businesses.
How to apply To apply
interested applicants must use this link and submit their information.
