Access Bank Nigeria Plc has announced plans to offer N50B interest-free credit facility to individuals and businesse. In this article we shall be going through how to apply for access bank N50B loan and everything you need to know about the loan.
The bank has announced 50 billion in support of Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses.
This information was disclosed by the bank through its official LinkedIn page
The impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties has thrown so many Nigerians into debts.
Access Bank intends to use this N50B interest free loan to get
small and medium-sized businesses back on track and also support youth development.
How to apply for Access Bank 50Billion Loan
Before you apply for the loan here are a few points you need to understand properly.
- Beginning from 27th October, 2020 Access bank will start collecting application from customers.
- There is an interest-free loan as well as a grant also embedded in 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.
- The Grant is divided 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.
To apply for this loan simply visit any Access Bank branch nationwide and you will get whatever support you require to begin your application.
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