#EndSars: Access bank doles out N50bn interest-free loan

Access Bank Plc has commenced the disbursement of N50 billion interest-free loan for micro, small and medium size enterprises (MSMEs) that were destroyed by hoodlums in the wake of the #EndSars protest in the country last week.

The Bank said it would start collecting application from customers on Monday adding that the fund is an interest-free loan as well as a grant also embedded in it.

It 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.

“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 said.