EDC, Fast Credit Inaugurate Single-digit Financing Initiative

The Enterprise Development Centre (EDC) of Lagos Business School has partnered with Fast Credit to launch a single-digit financing scheme aimed at empowering MSMEs.

Speaking at the unveiling in Lagos, Acting Managing Director of Fast Credit Finance Company Limitde, Yetunde Faulkner, said the essence of the partnership is to ensure that micro, small and medium enterprises (MSMEs) become scalable and sustainable through improved access to affordable finance.

“We are here to engage with EDC’s partners, who are SMEs, and provide them the opportunity to access single-digit interest-rate financing through Fast Credit. We are offering any amount of loan, starting with N5 million, under a partnership with one of our developmental finance partners, BOI, at a flat monthly interest rate of 0.75 percent which amounts to nine percent per annum,” she explained.

Faulkner noted that Fast Credit has committed N2 billion to the SME financing partnership, with the goal of helping entrepreneurs grow revenues faster than costs and remain sustainable. She added that the loan offering is expected to enable MSMEs to create more jobs, something the Nigerian economy urgently requires.

“We will be touching lives and families, and that, in itself, is one of the goals of Fast Credit, to make a tangible impact in the lives of everyday Nigerians, especially those in Lagos,” she added.

Director of EDC at Lagos Business School, Dr. Nneka Okekearu, described the partnership as a historic step in bridging the funding gap confronting entrepreneurs.

“We have collaborations with several commercial banks, but the double-digit interest rates at which loans are offered have made it tough for entrepreneurs. Today, we are doing something historic. We are signing an agreement with Fast Credit for single-digit loans for our members,” she said.

Okekearu emphasised that access to single-digit credit will significantly boost business productivity.

Speaking, Business Consultant, Feyikemi Odunuga, applauded the collaboration between EDC and Fast Credit for creating easier access to capital for entrepreneurs.