Access Bank Plc on Monday commenced the disbursement of the N50 billion interest-free loan and grant it set aside for micro, small, and medium-sized enterprises (MSMEs) that were destroyed by hoodlums in the wake of the protest against police brutality in the country last week.
This was revealed in a statement posted by the Deputy Group Managing Director, Access Bank, Mr. Roosevelt Ogbonna, on the bank’s Linkedin page on Tuesday, 27, 2020.
According to the statement, the Access bank from Monday started collecting customers’ applications for the interest-free loan and grant also embedded in it. According to the statement, the loan would be targeted at customers of the financial institution across its MSME business, commercial banking customers, and 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 bank had explained in a notice to announce the fund that: “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with N50 billion interest-free loans and grants.”