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  • Companies
  • Updated: June 19, 2023

FCMB Provides N45 Billion Loan To SMEs

FCMB Provides N45 Billion Loan To SMEs

FCMB House

First City Monument Bank (FCMB) said it has provided about N45.9 billion in loan guarantee support to Small and Medium Scale Enterprises (SMEs).

The bank said SMEs can now access between N5 million and N100 million to purchase equipment needed to grow and expand their businesses, courtesy of its SME Asset Finance Facility.

With a four years repayment option, the bank said the 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.

A statement by the bank said that so far, over 25,800 SMEs have accessed the facility.

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.

“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", he said.

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