Cascador, Sterling Bank Announce $200M SME Credit Backstop Fund
Esther Oluku Business growth accelerator for Sub-Saharan Africa, Cascador, in partnership with Sterling Bank has announced a $200 million SME Credit Backstop Fund targeted towards expanding access to growth capital for
Cascador and Sterling Bank have joined forces to establish a $200 million SME Credit Backstop Fund aimed at increasing access to growth capital for debt-ready Nigerian Small and Medium Enterprises (SMEs). The fund will serve as a defined credit-risk backstop for participating finance partners, providing up to $1 billion in outstanding credit capacity.
Cascador's CEO, Trish Thomas, highlighted the issue of lack of capital access for Nigerian entrepreneurs, stating that the fund aims to transform potential into reality by leveraging the ecosystem's experience and capital. Sterling Bank's Group Executive, Obinna Ukachukwu, explained that the initiative combines a stronger borrower pipeline with structured assessment and ongoing monitoring, offering confidence to provide larger, longer-term loans.
This arrangement is expected to bolster SME lending, enabling proven businesses to access the capital they need to scale and create jobs.
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