New N100m Loan Scheme for Nigerian Micro-Entrepreneurs

The Coalition Microlend, in partnership with NEAT Microcredit, has launched a N100 million joint loan facility aimed at supporting Nigerian micro-entrepreneurs. This initiative is designed to address the financial gap faced by small businesses, particularly those led by women, who often struggle to secure capital due to stringent collateral requirements from larger banks.

The scheme targets approximately 90% female beneficiaries, identified as primary drivers of family stability and local commerce. The loans will be offered at low-interest rates with flexible repayment plans, allowing eligible small and medium enterprises (SMEs) with a proven business track record to access up to N5 million.

The rollout has commenced in Lagos, with plans to expand to Abuja, Enugu, and further penetrate the South West, South East, and North East regions. Currently, twelve micro-lending institutions are benefiting from the scheme, with 85 additional applications in process.

The initiative aims to reach at least 100,000 SMEs nationwide and create a reliable channel for financial inclusion.