Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility.
FCMB has provided about N45.9 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.
With a four years repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.
