FCMB supports SMEs with N100m asset finance facility 

By Cynthia Ezekwe

First City Monument Bank (FCMB)  has facilitated  Small and Medium Scale Enterprises (SMEs), with N5 million to  N100 million asset finance facility to purchase equipment needed to grow and expand their businesses, courtesy of its SME.

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

The statement noted that  FCMB has provided about N45.9 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

The FCMB SME asset finance facility has a four years repayment option, and 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.

According to George Ogbonnaya, the group Head of Business Banking at FCMB, the SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth.

Ogbonnaya noted 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.