ACCESS Bank Begins Disbursement Of N50 Billion Interest-Free Loan

 

The management of Access Bank PlC announced N50 Billion naira free interest Loans for Businesses to thrive some weeks ago. This is coming at a time when the economy of Nigeria is falling apart due to the covid-19 and the #Endsars protests, which has recked havoc in the country lately.

This N50 Billion naira free interest loan will come into effect 2021 which is few weeks from now, with businesses getting huge boast and support, a move which will improve businesses. 

Access bank plc has set the stage; many more banks (Commercial Banks) will announce her plans and hit the ground running.

“Access Bank Plc will today commence the disbursement of the N50 billion interest-free loans 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.

Commercial banking customers as well as

Corporate banking customers affected by the looting and arson in some parts of the country last three weeks. Customers of the financial institution across its MSME business.

Loan Repayment Plan:

The loan repayment 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 Free Grant:

The youth empowerment is in two parts its consist of tech industry and skill development.

The skill development:

Tailors,

Barbers,

Mechanics,

Criteria etc

The creative industry comprises

advertising,

architecture,

the arts and antiques market,

crafts,

design,

fashion designer,

film,

interactive leisure software,

music,

performing arts,

publishing,

software,

television, and

radio etc

The list of qualified fields are endless. It's expected that interested business owners should visit the bank for one on one confirmation of every details. 

Access Bank Plc has taken a lead in designing an interest free loan and grant for small and medium sized enterprises and youth affected by the #EndSARS crisis. It's hope that other banks would emulate this life changing interest free loan.

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