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The Standard Chartered Bank (Nigeria) Limited has graduated the second cohort of the Revolving Fund Program and has made single-digit loans available to them in partnership with Youth Business International and the FATE Foundation....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
The bank’s Revolving Fund Program is expected to last for three years.
In a statement on Tuesday, February 4, 2025, the bank disclosed that the program is part of the Futuremakers global youth economic empowerment program, which is financed by the Standard Chartered Foundation.
Speaking on the initiative, Head of Corporate Affairs, Brand and Marketing, Nigeria, Joke Adu, said, “We are extremely proud of the partnership and success of the second cohort. 26 young entrepreneurs participated in our pilot programme, and feedback on their business performance post the semester has been profound. This is an outstanding example of how Futuremakers is empowering young entrepreneurs and benefiting our communities, and we are extremely optimistic about the impact the programme will continue to have on incoming beneficiaries.’
Highlights of the program include training in financial aptitude, firm growth and advisory support, digital technologies, and financial empowerment, as well as debt loan financing (low-interest loans with interest rates ranging from 2 to 5 percent).
In her comments, The Punch reported that the Executive Director of the Fate Foundation, Nike Adeyemi, said, “We are excited to continue our collaboration with Standard Chartered Foundation and Youth Business International on the Revolving Fund Programme.
“This initiative aligns perfectly with our mission to support entrepreneurial development, providing the necessary resources for nano and microenterprises to flourish by bridging the financing gap and catalyzing sustainable growth. The initiative would empower 300 young, impoverished entrepreneurs (18–35 years old), primarily women, to become self-sufficient financially and to improve their communities.
“Through microloans, specialized financial literacy training, and business mentorship, the program will give them the means to obtain financing, increase their income, and create new jobs.
“The focus is on mentorship and market connections, which will help sustain long-term businesses and unleash the entrepreneurial potential of marginalized populations.”
The Revolving Fund Program will last for three years, ending in August 2027.
