Standard Chartered Bank, in partnership with Youth Business International and FATE Foundation, graduates second cohort of the Revolving Fund Programme, offering low-interest loans
Standard Chartered Bank (Nigeria) Limited, in partnership with Youth Business International and FATE Foundation, has graduated the second cohort of the Revolving Fund Programme (RFP), offering loans at single-digit interest rates to young entrepreneurs.
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This initiative is part of the Futuremakers global youth economic empowerment programme funded by the Standard Chartered Foundation.
The Revolving Fund Programme targets nano and microenterprises, addressing the financial barriers faced by small-scale businesses through the provision of low-interest loans.
In addition to funding, the programme offers comprehensive financial literacy and management training, aimed at equipping entrepreneurs with both the capital for business growth and the skills to effectively manage and sustain their ventures.
Joke Adu, Head of Corporate Affairs, Brand and Marketing, Nigeria at Standard Chartered Bank, expressed pride in the programme’s success, noting that 26 young entrepreneurs participated in the pilot.
The feedback on their post-programme performance has been overwhelmingly positive.
“This is an outstanding example of how Futuremakers is empowering young entrepreneurs and benefiting our communities,” Adu said.
The programme offers loans ranging from N500,000 to N10,000,000 with a low-interest rate of 2-5%, alongside financial capacity training, business development and advisory support, digital tools, and financial empowerment.
Nike Adeyemi, Executive Director of FATE Foundation, highlighted the programme’s alignment with their mission to support entrepreneurial development.
“By bridging the financing gap and catalysing sustainable growth, this initiative will empower underserved entrepreneurs, particularly women, to achieve financial independence and boost local economies,” she stated.
The Revolving Fund Programme is designed to support 300 young entrepreneurs (ages 18-35), with a special focus on women, and will run until August 2027.
Through microloans, tailored financial literacy training, business coaching, mentorship, and market linkages, the programme aims to foster sustainable businesses and unlock the entrepreneurial potential of marginalised communities.
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