First City Monument Bank (FCMB) is empowering Small and Medium Scale Enterprises (SMEs) by providing access to loans ranging from N5 million to N100 million. These loans are specifically designed to finance the purchase of equipment necessary for business growth and expansion.
FCMB is making this possible through its SME Asset Finance Facility, which has already benefited over 25,800 SMEs. The bank has extended approximately N45.9 billion in loan guarantee support to startups and SMEs with limited collateral coverage. Furthermore, FCMB has disbursed over N637.08 billion in loans to entrepreneurs.
The asset finance facility offers a repayment period of four years and is available to early-stage businesses operating for less than five years, as well as growing SMEs. It aims to provide funding for the acquisition of new equipment or replacement of depreciating assets, ensuring sustained growth for these enterprises.
Mr. George Ogbonnaya, the Group Head of Business Banking at FCMB, expressed his views on the development, stating that Nigerian SMEs have the potential to be highly productive and contribute significantly to economic growth. However, their main challenge lies in raising funds to acquire modern equipment and other assets.
FCMB’s initiative seeks to address this funding gap and empower SMEs to thrive by providing the necessary financial support for their equipment needs. It is a step towards enabling the growth and success of SMEs, ultimately driving economic development in Nigeria.