FCMB Explains Support For SMEs

First City Monument Bank (FCMB) has explained that its increased and consistent support to Small and Medium Scale Enterprises (SMEs) is aimed at further empowering them to take the lead in the growth and development of Nigeria’s economy.

FCMB in a statement to commemorate this year’s International MSME Day, which is held every June 27, noted that the annual event provides an opportunity to raise public awareness of the contributions of such businesses towards ensuring sustainable development, poverty alleviation, empowerment and other benefits.

The Group Head, Business Banking, Mr George Ogbonnaya, said, “SMEs in Nigeria have what it takes to compete at the highest level in the international market, but without the requisite exposure and support, it can be very difficult to succeed.”

Last year, FCMB secured a $50 million loan facility from the International Corporation (IFC), a member of the World Bank Group, to help it expand lending to SMEs to ensure their sustainability following the disruptions caused by the COVID-19 pandemic.

It has already provided over N23 billion loan guarantee support to SMEs with inadequate collateral coverage or those in start-up stage through its platform.

The bank has disbursed over N90bn loans to entrepreneurs and processes over 25,000 digital loans with disbursements reaching about N7.5bn every month, it said.

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