First City Monument Bank (FCMB) has intensified its support to Small and Medium Scale Enterprises (SMEs) by commencing the disbursement of zero-interest loans of up to N5m across the country.
The zero-interest loans support, under the Bank’s
SheVentures initiative, is designed for female-owned businesses for a period of
three months.
The 90-day zero-interest loan initiative is reopening for
the third consecutive year to bridge the funding gaps faced by women-owned
enterprises. It also ensures access to capacity-building programmes.
Speaking on the initiative, the Managing Director, FCMB, Mrs
Yemisi Edun, said,
“Our SheVentures zero-interest loan is helping women
entrepreneurs pursue profitable and sustainable growth through upfront capital
for new products, services and expansion. In addition, it has uplifted and
safeguarded women-owned businesses from the brutal impact of the COVID-19
pandemic, among other challenges.”
In a statement by the Head of the SheVentures Team, Ms.
Yetunde Moito, the Bank explained that the extension of the zero interest rate
loan facility is another demonstration of its unequalled commitment to
consistently empower and propel SMEs to greater heights in a manner that would
boost their productivity and profitability for the overall benefit of the
nation.
She added that under the latest support, which is starting
from Abuja & North region, qualified customers of the Bank have the
opportunity to access between N500,000.00 and N5million within the three months
tenor.
Those in the South-South, South-West and Lagos regions will
also benefit from the support later in the year. The free interest loan is
available for female-owned SMEs operating in manufacturing, trading in locally
produced items, solar energy financing, food processing, oil and gas,
hospitality, education, healthcare, agribusiness, and fashion/garment making
sectors.
The FCMB SheVentures proposition offers enhanced support to
existing firms and start-ups owned by female entrepreneurs through access to
finance, training and mentoring with the unique benefit of zero-interest rate
for an initial period of three months.
Over 15,000 SMEs in this category have so far benefitted
from this tremendous support in the last 18 months. For instance, the Bank is
in partnership with the Office of the First Lady of Ogun state to provide
funding and capacity building to female entrepreneurs in the State. Under the
SheVentures initiative, FCMB in November last year disbursed interest free
loans of between N500,000.00 and N5million to twenty businesses in Ogun State
under the partnership.
FCMB, as a leading financial powerhouse in Nigeria, has
built a strong base and dominated the SMEs segment by consistently offering
various cutting-edge solutions through its key pillars of support. These are,
access to capital, capacity building, advisory services, networking opportunity
and technology.
The FCMB SME Advisory Service provides market intelligence
and technical assistance support to businesses, access to intervention funds in
partnership with Development Financial Institutions as well as provision of
credit risk sharing facilities to mitigate the credit risk and collateral gaps
experienced in lending to SMEs.
The Bank has also taken the lead by automating and
digitalising its lending process for SMEs through the FCMB Quick-loans
platform. Through this platform, the Bank disburses over 5,000 digital loans
monthly to such businesses.
These giant strides, among several others by FCMB, have been
recognised and applauded by the market as well as other stakeholders. The Bank
won the prestigious award of “Best SME Bank in Africa” at the Asian Banker
Middle East and Africa Regional Awards held in November 2020.
First City Monument Bank (FCMB) Limited, with over 200
branches spread across Nigeria, is a member of FCMB Group Plc. The Group is one
of the leading financial services institutions in Nigeria with subsidiaries
that are market leaders in their respective segments.
Having successfully transformed to a retail banking and
wealth management led group, FCMB expects to continue to distinguish itself
through innovation and the delivery of exceptional services in line with its
values of Execution, Professionalism, Innovation and Customer-focus (EPIC).