FCMB Grants Qualified SMEs 5 Million to 100 Million Loans to Fund Their Businesses

First City Monument Bank (FCMB) is now providing Small and Medium Scale Enterprises (SMEs) with access to N5 million to N100 million loans to finance the purchase of equipment required to build and expand their operations in their respective fields.

This is being done by the bank through its SME Asset Finance Facility, which has so far been used by over 25,800 SMEs since it started the program.

FCMB has provided over N45.9 billion in loan guarantee support to SMEs with insufficient collateral coverage during the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

With a four-year payback option, this asset loan programme is available to early-stage enterprises and developing SMEs to assist fund new equipment additions or replace depreciating assets in order to maintain a growth track.

Speaking on this development, Mr George Ogbonnaya, group head of Business Banking at FCMB, stated that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they deal with a major obstacle in raising funds to acquire new equipment and other assets.

He disclosed that “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 programme is designed to make it easy for SMEs to acquire company assets at a reasonable cost. So far, SME adoption has been excellent, and it is assisting them in succeeding.

FCMB was named '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 in appreciation of its support for SMEs in the country. This distinguished award recognises FCMB's continued efforts to provide SMEs with the financing and assistance they require to grow and prosper.

For the second year in a row, the bank received nine national and international honours and recognitions in the SMEs segment, including 'Best SME Bank in Africa' and 'Best SME Bank in Nigeria' at the Asian Banker Middle East and Africa Regional honours.

First City Monument Bank, a member of the FCMB Group Plc, stated that it is devoted to supporting equitable and sustainable growth in its communities by creating a supportive ecosystem anchored in Africa that connects people, capital, and markets.