Fast Credit has opened applications for a new single-digit financing scheme designed to support micro, small, and medium enterprises across Nigeria. The company, which operates with a finance license from the Central Bank of Nigeria (CBN), said the move is part of its plan to help small businesses access cheaper funding to improve productivity and expand their operations.
The announcement was made in partnership with the Enterprise Development Centre of Pan-Atlantic University. According to Fast Credit, it has committed N2bn to the SME financing partnership to support entrepreneurs who have been struggling with high-interest loan conditions. The organisation said the initiative will give business owners a chance to access more affordable credit and scale their activities.
The scheme offers any amount of loan starting from N5m under a partnership with one of its developmental finance partners, Bank of Industry (BOI). It stated that the loan comes at a flat monthly interest rate of 0.75%, which equals 9% annum. The firm added that it will also train women on how to manage their businesses and noted that the training will be conducted every month.
Entrepreneurs within EDC’s network who meet the requirements will be able to access N5m at the 9 percent annual rate. The eligibility criteria for the MSME loan include business worthiness, profitability, and the character of the entrepreneur. For credibility, Fast Credit advised that businesses should be registered as a limited liability company and added that collateral is the last factor considered.
To apply for this loan, interested applicant should visit Fast Credit website https://fastcredit-ng.com/loan or download the app and select MSME loan.
