Ek-Reliable Microfinance Bank has been in the forefront of helping start-ups find their footings and providing full backing for entrepreneurs to access funding and loans.
This is because we acknowledge the vital role the small and medium-scale enterprises (SMEs) play in fostering accelerated and sustainable economic development, be it of a community, state or nation.
Apart from increasing per capita income and output, they create employment opportunities, enhance basic standard of living of the populace, enabling entrepreneurs to be self-reliant, create wealth, alleviating the adverse effects of growing population and generally promoting effective resources utilization, considered critical to engineering economy development and growth.
Although the SMEs play a major role in the macroeconomics of a community, they have been plagued by militating factors which deter them from yielding their full benefits. Paramount among these factors is gross undercapitalization worsened by the difficulty in accessing credits from commercial banks and other formal financial institutions.
That is part of the reason the federal government of Nigeria established microfinance banks in 2007 to help ameliorate the challenges the SMEs face in accessing capital funding.
Ek-Reliable Microfinance Bank Ltd has grown to become a big SME-friendly microfinance bank in its immediate environment.
Our array of products is focused on harnessing the entrepreneurial spirit among the rural communities by offering suitable and reasonable loans to augment their businesses and trade. They include the Micro Loan (also known as Alajata), Wealth Creation Loan, Agricultural Loan (Are Agbe), Loyalty Loan and Micro Group Loan.
Beneficiaries of this funding include market women, traders, farmers, cooperative societies and whoever desires to access business finances through short-term borrowing.