Cascador, a Lagos-based accelerator programme for mid-stage Nigerian entrepreneurs, has awarded over $3m in debt funding facilities to nine local startups to support their operations and reposition them for global competitiveness.

The beneficiaries, Crop2Cash, Oriki, N.E.A.T, Adunni Organics, Sycamore, DoChase, Drive45, 24Seven and ExCare—received the funding at Cascador’s inaugural Pitch Day event held in Lagos on Wednesday.

Speaking at the event, the Chief Executive Officer of Cascador, Trish Thomas, said the funding is exclusively for graduates of the Cascador programme, which has trained about 60 companies since its inception in 2019.

“Our 2025 cohort will be our seventh. The funding is actually only available to alumni of the Cascador programme. The nine finalists that you see today have been awarded over $3m in debt and equity capital,” she said.

Thomas explained that the funding is tailored to suit the specific needs of each business, many of which are in sectors such as manufacturing and agriculture.

“We do not follow a traditional venture capital model. Some of them are looking at scaling up with sustainable growth, and what they need is working capital, not equity,” she said.

She added that about 74 per cent of applicants opted for debt, leading to a partnership with Sterling Bank to offer favourable loan terms.

“We are partnering with Sterling Bank. We are taking on the collateral requirements, pulling down interest rates, and breaking down lending barriers,” she noted.

The loans will attract interest rates of around 20 per cent, with flexible features including moratoriums and repayment tenures of up to five years.

Also speaking, Founder of Cascador, Dave Delucia, said the programme is not just about financing but includes mentorship and capacity-building to ensure the efficient use of capital.

He added that the winners will have increased access to investors who can further support their business growth.

In his remarks, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, described the partnership as a means to help businesses become bankable and commercially viable.

“Between that energy and becoming a successful business, there are a lot of ravines and obstacles. What capital tries to do is remove some of those obstacles,”

The PUNCH reported that Cascador, an accelerator for mid-stage entrepreneurs, has partnered with Sterling Bank to launch a $2m Catalytic Fund aimed at unlocking growth for promising ventures across key sectors.