Recently, the First City Monument Bank has decided to dish out access of N5million to N100 million to enable the Small and Medium Scale Enterprises (SMEs) can now quickly access be able to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility and so far, over 25,800 SMEs have been able to access this said facility.
It was gathered that, FCMB has provided N42.4 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed 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 less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.
However, 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 more to economic growth but faces major challenges, the capacity to raise funds to acquire modern 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 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 has been 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 was 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 also 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 is a member of FCMB Group Plc, a purpose-beyond-profit corporation led by Ladi Balogun. The Bank is known for its committitment 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.