Rosabon plans N10bn loan facility for SMEs

Non-banking financial service provider, Rosabon Financial Services, has announced a new loan facility of up to N10bn for eligible small businesses and corporate organisations in Nigeria.

Rosabon said in a statement on Sunday that the fresh facility was part of its continued commitment to supporting Nigerian businesses, especially in the face of the unravelling impact of the second wave of the COVID-19 pandemic.

The company said businesses registered in Nigeria for more than a year were qualified for the facility, which would be available within 48 hours of application
The Managing Director, Chukwuma Ochonogor, stated that this year’s facility was to sustain support for business owners, limit the damage caused by the pandemic in the past year, and help businesses become more resilient and sustainable in the wake of the pandemic’s second wave.

He said, “We know some business owners have experienced revenue loss, and some are still experiencing the revenue loss. That is why we have introduced loan facilities that will help their business operations to thrive
We hope as we journey with our business community by deploying our loan facility and expertise, we will be providing a much-needed financial cushion required to navigate the new normal.”

Ochonogor added that the bigger goal was to boost the country’s economic growth by supporting the businesses and corporate organisations through access to finance in the face of an economic recession and increasingly tough operating environment.

He recalled that Rosabon had earlier announced a series of loans to the tune of N5bn targeted at small businesses and corporates, healthcare service providers, civil servants and others to cushion the impact of the pandemic and support the economy.

The company said the interest rate was at a single digit, with repayment tenor put at 24 months