Standard Chartered Bank Speaks on Providing Single-Digit Loans for Entrepreneurs
- The second batch of the Revolving Fund Program has been graduated by Standard Chartered Bank (Nigeria) Limited
- The bank partnered with the FATE Foundation and Youth Business International to make single-digit loans available to them
- The programme's highlights include instruction in digital technologies, business growth and advisory help, and financial aptitude, among others
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Standard Chartered Bank (Nigeria) Limited has graduated the second cohort of the Revolving Fund Program and made single-digit loans available to them in partnership with Youth Business International and the FATE Foundation.
Source: Getty Images
In a statement on Tuesday, February 4, 2025, the organisation said the programme is part of the Futuremakers global youth economic empowerment initiative, financed by the Standard Chartered Foundation.
Speaking on the initiative, the company's head of corporate affairs, brand and marketing, Nigeria, Joke Adu, said:
“We are extremely proud of the partnership and success of the second cohort. 26 young entrepreneurs participated in our pilot programme, and feedback on their business performance post the semester has been profound. This is an outstanding example of how Futuremakers is empowering young entrepreneurs and benefiting our communities, and we are extremely optimistic about the impact the programme will continue to have on incoming beneficiaries.’
Highlights of the program include training in financial aptitude, firm growth and advisory support, digital technologies, and financial empowerment, as well as debt loan financing (low-interest loans with interest rates ranging from 2 to 5 per cent).
Punch reported that in her remarks, the executive director of the Fate Foundation, Nike Adeyemi, said:
“We are excited to continue our collaboration with Standard Chartered Foundation and Youth Business International on the Revolving Fund Programme. This initiative aligns perfectly with our mission to support entrepreneurial development, providing the necessary resources for nano and microenterprises to flourish by bridging the financing gap and catalysing sustainable growth.
The initiative would empower 300 young, impoverished entrepreneurs (18–35 years old), primarily women, to become self-sufficient financially and to improve their communities.
Through microloans, specialised financial literacy training, and business mentorship, the program will give them the means to obtain financing, increase their income, and create new jobs.
The focus is on mentorship and market connections, which will help sustain long-term businesses and unleash the entrepreneurial potential of marginalized populations. The Revolving Fund Program will last for three years, ending in August 2027.
Nigerian banks see surge in loan defaults
Legit.ng earlier reported that Nigerian banks and other lenders have experienced an increased rate of loan defaults, thanks to the economic hardships that have plagued the country in the last year.
A recent survey from the Central Bank of Nigeria (CBN) shared that lenders faced a significant rise in loan defaults during the fourth quarter of 2024 (Q4’24).
The findings, published in the "Credit Condition Survey Report for Q4’24," indicated that Nigerian financial institutions reported higher default rates across all types of loans, including secured, unsecured, and corporate lending.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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