{
  "id": 14219385,
  "title": "Reps seek emergency funding for SMEs at single-digit interest rate",
  "url": "https://urgent.news/2026/10/13/reps-seek-emergency-funding-for-smes-at-single-digit-interest-rate-14219385",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T14:42:06.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/reps-seek-emergency-funding-for-smes-at-single-digit-interest-rate/"
  },
  "original_language": "en",
  "account": "The House of Representatives has called on the Federal Government to create an emergency funding scheme for small and medium-sized enterprises (SMEs) at single-digit interest rates to alleviate the burden of high borrowing costs on businesses. The request was made by Mr. Bamidele Salam, a member representing Ede South/Ede North/ Ejigbo/Egbedore Federal Constituency of Osun State, in a motion adopted during a plenary session. Salam emphasized the importance of SMEs in Nigeria's productive economy, noting that they represent approximately 96.9% of businesses, contribute 46.32% to the GDP, and provide 87.9% of employment. He highlighted the need for affordable credit for working capital, machinery, wages, inventory, and expansion, citing the high cost of borrowing despite the Central Bank of Nigeria's reduction of the Monetary Policy Rate. The lawmakers also urged the Bank of Industry and the Small and Medium Enterprises Development Agency of Nigeria to receive special funding for affordable lending, and called for a national summit to develop practical measures for improving SME access to credit.",
  "summary": "The House of Representatives has urged the FG to establish an emergency funding scheme for SMEs with loans at single-digit interest rates to ease high borr Read More: https://punchng.com/reps-seek-emergency-funding-for-smes-at-single-digit-interest-rate/",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch Nigeria",
        "title": "Reps seek emergency funding for SMEs at single-digit interest rate",
        "url": "https://urgent.news/2026/10/13/reps-seek-emergency-funding-for-smes-at-single-digit-interest-rate",
        "published": "2026-10-13T14:36:06.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}