Standard Chartered Bank (Nigeria) Limited, in partnership with Youth Business International (YBI) and FATE Foundation, has graduated the second cohort of the Revolving Fund Programme (RFP).

The initiative is part of the Futuremakers global youth economic empowerment programme funded by the Standard Chartered Foundation. The RFP aims at supporting nano and micro enterprises and it is designed to tackle the financial obstacles encountered by small-scale businesses through the provision of low-interest loans.

The programme, according to a statement by the bank, offers comprehensive financial literacy and management training to empower existing and emerging entrepreneurs not only with the capital required for business growth but also with skills to effectively manage and sustain their ventures.

Speaking on the initiative, Head of Corporate Affairs, Brand and Marketing (CABM) Nigeria, Joke Adu, said: “We are extremely proud of the partnership and success of the second cohort. 26 young entrepreneurs participated in our pilot program and feedback on their business performance post the semester has been profound.

“This is an outstanding example of how Futuremakers is empowering young entrepreneurs and benefiting our communities and we are extremely optimistic about the impact the program will continue to have on incoming beneficiaries.”

The programme covers financial capacity training, business development, advisory support, digital tools and financial empowerment.It also provisions for debt financing with low-interest loans ranging from N500,000 to N10,000,000 at a two to five per cent interest rate.

Executive Director of the Fate Foundation, Nike Adeyemi, added: “We are excited to continue our collaboration with Standard Chartered Foundation and Youth Business International on the RFP. This initiative aligns perfectly with our mission to support entrepreneurial development, providing the necessary resources for nano and micro enterprises to flourish by bridging the financing gap and catalysing sustainable growth.”

The programme is set to empower 300 young, underserved entrepreneurs (18-35 years), particularly women, to achieve financial independence and boost local economies.

Through the microloans, tailored financial literacy training and business coaching, the programme will equip them to unlock capital, increase income and create new jobs, the bank said.