Ecobank obtains N50bn loan for small business owners

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Ecobank Nigeria Limited, the subsidiary of the Ecobank Transnational Incorporated (ETI), has obtained a credit facility worth N50 billion.

The loan, according to a statement issued by the lender, would be disbursed to owners of small businesses across the country to make them expand their operations.

According to Ecobank, the 10-year bilateral subordinated loan will significantly boost its balance sheet, especially the capital adequacy ratio (CAR).

“Ecobank Transnational Incorporated, the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan.

“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.

“The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (MSMEs) and small corporates,” the notice said.

Ecobank is one of the financial institutions that support entrepreneurs in the MSMEs sector of the economy.

The lender has different product packages tailored to meet the needs of small business owners, considering their contribution to the gross domestic product (GDP) of the nation.

One of the most recent support the bank gave MSMEs in the country was the launch of its radio programme called the Ecobank Business Hour.

The syndicated show was designed to provide players in the industry the necessary resources to thrive and it airs on 10 radio stations in the country, including Inspiration 92.3FM, Lagos; RayPower 106.5FM, Kano; Odenigbo 99.1FM, Obosi; Liberty 91.7FM, Kaduna; PH Family Love 97.7FM, Port Harcourt, amongst others.

The Ecobank Business Hour, produced by Royal Roots, one of Nigeria’s leading production companies, is anchored by the duo of Greg Odutayo, a presenter, producer and director with over 28 years of professional experience and Helen Ese Emore, an international facilitator, seasoned MSME project development and business coach.

On the show, listeners will get information about starting a new business, structuring your business and business planning, company registration, funding your business, creating markets for your products, taxes and taxation, digital payments and collections, how to obtain SONCAP and NAFDAC registration for all products and many other relevant topics.