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Thanks to First City Monument Bank's (FCMB) SME Asset Finance Facility, Small and Medium Scale Enterprises (SMEs) may now easily obtain funds ranging from N5 million to N100 million to buy the machinery they need to develop and grow their operations. Over 25,800 SMEs have accessed this facility thus far.
In addition to disbursing about N637.08 billion in loans to business owners, FCMB has given over N45.9 billion in loan guarantee support to SMEs with insufficient collateral coverage during the startup phase.
This asset finance 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 assist with funding the installation of new equipment or the replacement of deteriorating assets in order to maintain growth trajectory.
Small and medium-sized enterprises (SMEs) in Nigeria have what it takes to be more productive and contribute more to economic growth, according to Mr. George Ogbonnaya, Group Head of Business Banking at FCMB. However, they must collect enough money to buy cutting-edge technology and other assets, which is a significant hurdle.
He said 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 facility is simply set up to give SMEs a practical choice for affordably acquiring corporate assets. SME adoption has been outstanding thus far, and it is aiding their success.
The Development Bank of Nigeria (DBN) presented FCMB with the title of "Best Bank with the Highest Impact on SMEs in Nigeria" for the second year running in appreciation of its assistance to the sector. This renowned honor is a tribute to FCMB's continued efforts to finance and promote SMEs so they may expand and be successful.
The Bank received nine national and international accolades and honors in the SMEs sector in 2021, including the titles of "Best SME Bank in Africa" and "Best SME Bank in Nigeria" at the Asian Banker Middle East and Africa Regional honors for the second year running.
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, supporting ecosystem that links resources, people, and markets.
