Standard Chartered Bank (Nigeria) Limited, in partnership with Youth Business International and FATE Foundation, has successfully concluded the second cohort of the Revolving Fund Programme (RFP), a flagship initiative under its global Futuremakers youth economic empowerment project. This cohort provided young entrepreneurs in Nigeria with access to single-digit interest rate loans, offering crucial financial assistance to support and scale their businesses.
The Revolving Fund Programme is a strategic initiative aimed at overcoming financial challenges encountered by small-scale enterprises, particularly nano and microbusinesses. By facilitating low-interest loans, the program directly addresses funding constraints that often hinder the expansion of these businesses. Beyond financial access, the program integrates extensive financial literacy and management training, ensuring that both emerging and existing entrepreneurs develop the necessary skills to sustain and grow their ventures successfully.
Joke Adu, Head of Corporate Affairs, Brand, and Marketing at Standard Chartered Bank Nigeria, expressed immense satisfaction with the program’s progress. “We take great pride in the achievements of this second cohort and the strength of our partnerships. In our pilot phase, 26 young entrepreneurs participated, and the impact on their businesses has been remarkable. Futuremakers continues to empower young business owners and strengthen our communities,” Adu remarked. She also conveyed the bank’s confidence in the program’s long-term positive impact on future participants.
Key components of the Revolving Fund Programme include financial literacy training, business development advisory services, access to digital resources, and overall financial empowerment. Entrepreneurs who participate in the program receive microloans ranging from N500,000 to N10,000,000 at interest rates between 2% and 5%. These funds equip young business owners with essential capital to expand their operations while simultaneously enhancing their financial management skills.
Nike Adeyemi, Executive Director of FATE Foundation, echoed similar enthusiasm regarding the program’s influence. “Our ongoing collaboration with Standard Chartered Foundation and Youth Business International on the Revolving Fund Programme aligns seamlessly with our commitment to fostering entrepreneurial growth. By closing the financing gap, we are driving sustainable business expansion,” Adeyemi stated.
This initiative primarily targets underserved entrepreneurs between the ages of 18 and 35, with a special emphasis on empowering women to achieve financial independence and contribute meaningfully to local economies. Through a combination of accessible funding, customized financial training, and expert business coaching, the program is structured to help entrepreneurs secure capital, enhance their income streams, and generate employment opportunities. A crucial aspect of the initiative is its emphasis on mentorship and market connections, fostering the establishment of resilient businesses and unlocking economic opportunities for marginalized communities.
The Revolving Fund Programme is designed as a three-year initiative, scheduled to continue until August 2027. Over its duration, it is expected to support up to 300 young entrepreneurs, equipping them with the necessary knowledge, resources, and funding to navigate competitive markets effectively. By doing so, the program will help drive economic development and create a lasting impact on local business ecosystems.
