New ₦100m Loan Scheme Set to Empower Nigerian Small Business Owners

Small business owners across Nigeria, especially those at the grassroots level, may finally be getting the financial support they’ve long been shut out from.

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), in partnership with NEAT Microcredit, has launched a ₦100 million loan scheme aimed at helping micro-entrepreneurs grow their businesses without the usual stress that comes with accessing bank loans.

For many traders, artisans, and small service providers, getting funding from commercial banks has always been difficult. High collateral demands and strict conditions often leave them stranded. But this new initiative is different it is designed to meet people where they are.

Instead of going through traditional banks, the funds will be distributed through trusted microfinance institutions that already operate within local communities. These institutions understand the people, their businesses, and their realities.

Speaking on the development, COMCIN’s Executive Director, Micheal Ogbaa, explained that the strength of the coalition lies in its closeness to everyday Nigerians.

Interestingly, about 90% of those expected to benefit from the scheme are women — a deliberate move by COMCIN, which believes women play a key role in supporting families and driving local economies.

The loan comes with low interest rates and flexible repayment plans, making it easier for small business owners to manage. Qualified entrepreneurs with a good track record can access up to ₦5 million each.

Although the programme started in Lagos, it is already expanding to Abuja and Enugu, with plans to reach more parts of the country soon.

So far, 12 micro-lending institutions have accessed the fund, while dozens more are in line. But this is just the beginning.

According to Ogbaa, the long-term goal is ambitious  to support at least 100,000 small businesses across Nigeria and build a strong, transparent system that connects lenders with credible grassroots institutions.

Early feedback from beneficiaries has been positive, and COMCINt is hopeful that this will attract even bigger funding from international partners and private investors.

If successful, this initiative could be a game-changer not just for small businesses, but for families and communities that depend on them every day.