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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hadi Finance Boosts Financial Inclusion in Informal Markets – THISDAYLIVE
Source: THISDAY LIVE - 🏆 14. / 51 Read more »

Hadi finance boosts financial inclusion in informal markets | The Guardian Nigeria News - Nigeria and World NewsDespite being the main contributor to GDP on the African continent, the informal sector remains financially underserved due to a lack of transparency in its transaction activities. Though the sheer size of the market (14 million – 100 million traders on the continent as of 2022) remains attractive to investors and start-ups alike, not many […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »