First City Monument Bank (FCMB) has stated that its increased support to SMEs is aimed at empowering them to take the lead in the growth and development of Nigeria’s economy.
The financial institution revealed that it is because SMEs are one of the key drivers of the country’s push for economic prosperity due to their potential to create jobs, reduce poverty, boost production and economic activities.
FCMB made the revelation recently while commemorating this year’s International MSME Day.
Group Head, Business Banking, FCMB, George Ogbonnaya, said; “The Day is important to the financial institution as a major operator in the global business community.”
“We recognise the role of SMEs as catalysts for sustainable development. 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.”
“We strongly believe that SMEs need genuine support to play a frontal role in the development of individuals, communities and the country in general, especially as the world battles to overcome the negative effects of COVID-19.”
“We are also inspired by the fact that our market leading propositions and support to SMEs have consistently made real impact on businesses and the economy in general. We will continue to provide the right platform and opportunities to empower our customers to take their businesses to greater heights”.
For those who don’t know, FCMB in 2020 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.
The IFC facility, which is a demonstration of the strong confidence reposed in FCMB by global organisations and the market has enabled it to support several businesses with trade financing and working capital loans. So far, the Bank has provided over N23 billion loan guarantee support to SMEs with inadequate collateral coverage or those in start-up stage.”