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.
