Asset Finance: FCMB offers N100m to SMEs

First City Monument Bank (FCMB) has launched an asset finance facility that provides SMEs with access to N5 million to N100 million to purchase equipment. The facility is open to early-phase businesses of less than five years and growing SMEs. It has a four-year repayment option and is designed to help SMEs acquire business assets at an affordable rate.

FCMB has a long history of supporting SMEs in Nigeria. In 2021, the bank was awarded the “Best Bank with the Highest Impact on SMEs in Nigeria” for the second consecutive year by the Development Bank of Nigeria (DBN). FCMB has also won nine other national and international awards for its SME lending programs.

SMEs in Nigeria face a major challenge: the capacity to raise funds to acquire modern equipment and other assets. FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed.

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.

The facility is available to SMEs in all sectors of the economy. It can be used to purchase a wide range of equipment, including machinery, vehicles, and furniture. The application process for the facility is simple and straightforward. SMEs that are approved for the facility will receive funding within a few weeks of submitting their application.

FCMB is committed to fostering inclusive and sustainable growth in its communities, building a supportive ecosystem rooted in Africa that connects people, capital, and markets.

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