First City Monument Bank (FCMB) is now providing Small and Medium Scale Enterprises (SMEs) with access to N5 million to N100 million loans to finance the purchase of equipment required to build and expand their operations in their respective fields.
This is being done by the bank through its SME Asset Finance Facility, which has so far been used by over 25,800 SMEs since it started the program.
FCMB has provided over N45.9 billion in loan guarantee support to SMEs with insufficient collateral coverage during the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.
With a four-year payback option, this asset loan program is available to early-stage enterprises and developing SMEs to assist fund new equipment additions or replacing depreciating assets in order to maintain a growth track.
Speaking on this development, Mr George Ogbonnaya, group head of Business Banking at FCMB, stated that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they deal with a major obstacle in raising funds to acquire new equipment and other assets.
Read more: https://www.investingport.com/fcmb-...o-100-million-loans-to-fund-their-businesses/