First City Monument Bank has said Small and Medium Scale Enterprises can now access between N5m and N100m to purchase equipment needed to grow and expand their businesses, courtesy of its SME Asset Finance Facility.
A statement by the bank said that so far, over 25,800 SMEs
have accessed the facility.
According to the statement, FCMB has provided about N45.9bn
loan guarantee support to SMEs with inadequate collateral coverage in the
start-up stage and has disbursed over N637.08bn in loans to entrepreneurs.
With a four years repayment option, the bank said the asset
finance facility was 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.
According to the Group Head of Business Banking at FCMB,
George Ogbonnaya, the SMEs in Nigeria have what it takes to be more productive
and contribute more to economic growth.
He, however, noted that they face a major challenge which
bothers on their capacity to raise funds to acquire modern equipment and other
assets.
He said, “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.”
According to the statement, in recognition of its support to
SMEs in the country, FCMB was awarded “Best Bank with the Highest Impact on SMEs
in Nigeria” for the second consecutive year by the Development Bank of Nigeria
at its annual awards ceremony.