Cascador and Sterling Bank Launch $200M Fund for Nigerian SMEs

Cascador, a business growth accelerator for Sub-Saharan Africa, in partnership with Sterling Bank, has announced the establishment of a $200 million SME Credit Backstop Fund. This initiative is designed to expand access to growth capital for debt-ready Nigerian Small and Medium Enterprises (SMEs).

The fund will provide a defined credit-risk backstop to participating finance partners, enabling support for up to $1 billion in outstanding credit capacity. Trish Thomas, Chief Executive Officer of Cascador, stated that Nigeria possesses significant entrepreneurial talent, but access to appropriate capital is a major constraint.

The fund aims to transform potential into reality by facilitating access to debt for businesses with proven traction. Obinna Ukachukwu, Group Executive at Sterling Bank, explained that the initiative combines a stronger borrower pipeline with structured assessment and ongoing monitoring, enhancing confidence in providing larger, longer-term loans to SMEs.