Asset Finance: FCMB Offers N100m to SMEs

Thanks to First City Monument Bank’s (FCMB) SME Asset Finance Facility, Small and Medium Scale Enterprises (SMEs) may now easily obtain funds ranging from N5 million to N100 million to buy the equipment they need to develop and grow their companies. More than 25,800 SMEs have used this tool thus far.

FCMB has granted about N637.08 billion in loans to businesses and has given around N45.9 billion in loan guarantee support to SMEs with insufficient collateral coverage during the startup stage.

This asset loan facility, which has a four-year repayment option, is available to expanding SMEs and early-stage enterprises with fewer than five years’ worth of operations. It can help support the installation of new equipment or replace deteriorating assets in order to maintain the development trajectory.

Small and medium-sized enterprises (SMEs) in Nigeria have what it takes to be more productive and contribute more to economic growth, according to Mr. George Ogbonnaya, Group Head of Business Banking at FCMB. However, they must collect enough money to buy cutting-edge technology and other assets, which is a significant hurdle.

He said 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 simply set up to give SMEs a practical choice for affordably acquiring corporate assets. SME adoption has been outstanding thus far, and it is aiding their success.

In appreciation of its assistance to SMEs in the nation, FCMB was given the title of “Best Bank with the Highest Impact on SMEs in Nigeria” by the Development Bank of Nigeria (DBN) for the second year in a row at its annual awards event. This renowned honor is a tribute to FCMB’s continued efforts to give SMEs the funding and assistance they require to develop and prosper.

In the SMEs segment, the Bank earned nine national and international honors and recognitions in 2021, including the “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East and Africa Regional honors for the second year running.

Being a part of the FCMB Group Plc, First City Monument Bank is dedicated to promoting inclusive and sustainable growth in its local communities and is creating an African-based, supporting ecosystem that links resources, markets, and people.