Small and Medium Scale Enterprises (SMEs) can now speedily access from N5 million to N100 million to buy equipment required to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.
FCMB has provided N42.4 billion loan guarantee support to SMEs with shy collateral coverage in the start-up stage and has expended over N637.08 billion in loans to entrepreneurs.
With a four years repayment option, this asset finance facility is open to early-phase businesses of lower than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth track.
Mr George Ogbonnaya, Group Head of Business Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute further to profitable growth. howbeit, they face a major challenge, the capacity to raise funds to acquire up-to-date equipment and other assets.
He unveiled that FCMB understands the challenges SMEs face in securing sponsorship and is committed to furnishing them with the monetary support they need to grow and succeed.
The FCMB Asset Finance facility is accessibly structured to hand over a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impactful, and it’s helping them to succeed.
In recognition of its support to SMEs in the country, FCMB was awarded Best Bank with the topmost Impact on SMEs in Nigeria for the second back-to-back 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 give SMEs with the backing 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 back-to-back year.
First City Monument Bank is a member of FCMB Group Plc, a purpose-beyond-profit corporation led by Ladi Balogun. The Bank is committed to fostering inclusive and sustainable growth in the communities we serve. We do this by building a supportive ecosystem rooted in Africa that connects people, capital and markets.