In a significant boost to the growth and expansion of Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) has introduced the SME Asset Finance Facility. This initiative enables SMEs to secure loans ranging from N5 million to N100 million, specifically for the purchase of essential equipment required to enhance their businesses. The bank has already witnessed remarkable success, with over 25,800 SMEs benefiting from this facility thus far.
FCMB has been at the forefront of supporting SMEs, providing a loan guarantee support of approximately N45.9 billion to startups that faced challenges in meeting collateral requirements. Moreover, the bank has successfully disbursed loans totaling an impressive N637.08 billion to numerous entrepreneurs.
The newly launched asset finance facility features a flexible repayment plan spanning four years. It caters to early-phase businesses operating for less than five years, as well as growing SMEs, offering them the opportunity to secure funding for acquiring new equipment or replacing depreciating assets. By doing so, FCMB aims to sustain the growth trajectory of these enterprises, fostering an environment conducive to their success.
Mr. George Ogbonnaya, Group Head of Business Banking at FCMB, emphasized the bank’s commitment to supporting SMEs and their financial needs for growth. Recognizing the funding hurdles they often encounter, FCMB aims to bridge this gap by offering accessible and affordable financing options.
The positive response from SMEs has been remarkable, as they take advantage of the FCMB Asset Finance facility to acquire critical business assets. This support has been acknowledged on a broader scale, as FCMB was honored with the prestigious “Best Bank with the Highest Impact on SMEs in Nigeria” award for the second consecutive year at the Development Bank of Nigeria (DBN) annual awards ceremony. This recognition further underscores FCMB’s dedication to empowering SMEs and fostering their growth and success.
With FCMB’s unwavering commitment to providing financing solutions and support, Nigerian SMEs can now overcome financial barriers, expand their operations, and thrive in the competitive business landscape.
