Asset Finance: FCMB offers 100m to early-stage SMEs

businesses, courtesy of First City Monument Bank SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.has provided N42.4 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.

Mr George Ogbonnaya, Group Head of Business Banking at FCMB, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets. 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.

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