Small and medium-sized enterprises (SMEs) can now quickly access N5 million to N100 million to purchase equipment needed to grow and expand their business, thanks to First City Monument Bank (FCMB) SME asset financing facility. To date, more than 25,800 SMEs have gained access to this facility.
FCMB N42.4 billion provided loan guarantee support to SMEs with insufficient guarantee coverage at the start-up stage and more than N637.08 billion was disbursed in loans to entrepreneurs.
With a four-year repayment option, this asset financing facility is open to early-stage businesses of less than five years’ duration and growing SMEs to help fund the addition of new equipment or replacement of depreciated assets to keep the growth trajectory.
Mr. George Ogbonaya, Group Head of Commercial Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, which is being able to raise funds to acquire modern equipment and other assets.
He revealed, “FCMB understands the challenges SMEs face in securing financing and is committed to providing them with the financial support they need to grow and succeed.”
FCMB Asset Finance’s facility is conveniently designed to provide a viable option for small and medium businesses to acquire business assets at affordable rates. So far, the uptake by SMEs has been impressive, and it’s helping them succeed.
In recognition of its support to SMEs in the country, FCMB has been awarded “Best Bank with the Most Impact on SMEs in Nigeria” for the second year in a row by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is testament to FCMB’s continuous efforts to provide small and medium businesses 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 SME sectors, including “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East Awards and Africa region for the second year in a row.
First City Monument Bank is a member of FCMB Group Plc, a not-for-profit company led by Ladi Balogun. The Bank is committed to promoting 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.
Asset Financing: FCMB offers 100 million to early-stage SMEs
