Nigerian investment firm Cascador and Sterling Bank have launched a $200 million fund to expand financing for small and medium-sized enterprises (SMEs). The facility will offer loans of up to $1 million per business, with the goal of giving companies access to larger loans with longer repayment periods than they typically receive. The initiative targets a segment that makes up more than 90% of African businesses, generates over half of GDP in most countries, and employs most of the workforce. Despite their importance, small and medium-sized businesses face an estimated $331 billion financing gap that limits their ability to invest, expand production, and generate revenue. According to research recently published by Cascador, only 22% of businesses in sub-Saharan Africa have a bank loan or line of credit, compared with 36% globally, highlighting the gap the new fund targets.