Small, Medium Businesses Can Access Up To N100m Loan Facility In New Scheme By FCMB

With the help of First City Monument Bank’s (FCMB) SME Asset Finance Facility, Small and Medium Scale Enterprises (SMEs) can now easily obtain amounts ranging from N5 million to N100 million to buy the tools they need to develop and grow their companies. More than 25,800 SMEs have used this facility thus far.

FCMB has granted about N637.08 billion in loans to entrepreneurs and has given about N45.9 billion in loan guarantee support to SMEs with insufficient collateral coverage during the startup stage.

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This asset loan facility, which has a four-year repayment option, is available to expanding SMEs and early-stage enterprises with fewer than five years’ worth of operations. It can help support the addition of new equipment or replace deteriorating assets in order to maintain growth trajectory.

SMEs in Nigeria have the potential to increase their productivity and boost economic growth, according to George Ogbonnaya, Group Head of Business Banking at FCMB.

The ability to raise money to buy cutting-edge equipment and other assets, however, is a significant obstacle they must overcome.

He said;

FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed.

The FCMB Asset Finance facility is conveniently structured to provide a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

In recognition of its support to SMEs in the country, FCMB was awarded “Best Bank with the Highest Impact on SMEs in Nigeria” for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is a testament to FCMB’s ongoing efforts to provide SMEs with the financing and support they need to grow and succeed.

In 2021, the Bank won nine national and international awards and recognitions across various SMEs segment, including the “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year.

First City Monument Bank, a part of the FCMB Group Plc, is dedicated to promoting inclusive and sustainable growth in its communities by creating an African-based, supportive ecosystem that links resources, people, and markets.