The Cross River State Microfinance and Enterprise Development Agency (CRSMEDA) has begun a loan verification exercise for prospective beneficiaries of the CRSG/SMEDAN-Sterling Bank loan facility.
The initiative, carried out in partnership with Sterling Bank, is designed to provide financial support for both start-up ventures and existing small businesses across the State.
According to the Director-General and Chief Executive Officer of MEDA, Great Ogban, the exercise is an important step in the loan application process. He explained that the verification “aligns with standard loan process” and ensures transparency in selecting qualified beneficiaries.
The verification team is led by Barr. Ikpi Itam Okoi, Manager of Investment, Funding, and Credit, alongside Mr. Okon Ebi, Senior Investment, Funding, and Credit Officer.
The team will review the businesses of 1,520 applicants within a two-week period. As part of the process, applicants are encouraged to open personal savings accounts with Sterling Bank, which serves as the fund manager for the program.
CRSMEDA stated that small business owners in Cross River State can still take advantage of the opportunity by registering with the Cross River State Enterprise Development Center (CRS-EDC).
Interested entrepreneurs are required to attend a ten-day hands-on training session. On completion, participants will be awarded an EDC certificate, which is a mandatory requirement for loan qualification.