Linsey Deeks, the senior programme manager of Youth Business International (YBI), has said Nigeria’s micro, small and medium-sized enterprises (MSMEs) and young entrepreneurs need innovative financial solutions to unlock business opportunities.
“FATE Foundation’s Revolving Loan Fund Programme is a powerful example of how innovative financial solutions can unlock opportunities for underserved young entrepreneurs,” Deeks said, adding that since its launch in 2024, the initiative has taken a phased approach to building stronger, more resilient businesses among young Nigerian entrepreneurs.
According to Deeks, lack of access to finance remains one of the greatest barriers to growth for small businesses, which is a barrier the revolving loan initiative is not only breaking down but also creating a pathway for sustainable enterprise and job creation.
“At Youth Business International (YBI), we are delighted to support FATE Foundation with this programme and look forward to the continued impact it will have on young entrepreneurs and their communities across Nigeria.” Deeks said.
Adenike Adeyemi, Executive Director, FATE Foundation, said the partnership geared towards removing barriers like fund readiness and stringent collateral requirements that often impede young entrepreneurs’ ability to access growth capital and achieve entrepreneurial success.
“Through this strategic partnership with Futuremakers of Standard Chartered Foundation and Youth Business International (YBI), we are committed to bridging the financial inclusion and access to capital gap for young entrepreneurs aged 18-35 years, especially for women and persons with disabilities,
“We believe that by fostering financial inclusion and supporting small business growth, the Revolving Loan Fund Programme plays a vital role in strengthening Nigeria’s MSME ecosystem and driving sustainable economic development,” Adeyemi said.
In September 2024, FATE Foundation, in partnership with Futuremakers of Standard Chartered Bank announced the launch of the Revolving Loan Fund Programme; a strategic initiative aimed to empower young, underserved entrepreneurs between the ages of 18-35 years, particularly women and persons with disabilities, with access to finance and relevant financial literacy and management capabilities.
According to Adeyemi, the programme provided access to low-interest loans, capacity-building training, and market access, leveraging digital tools to enhance financial literacy and management skills.
She stated that over the next three years, the programme is expected to benefit 300 entrepreneurs, aligning with Nigeria’s broader economic diversification goals and addressing critical challenges faced by MSMEs, including limited access to finance, inadequate business management skills, and market access constraints.
