According to the bank, this 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.
To this end, the lender has urged business owners to keep
pace with current and emerging realities in order to make their respective
businesses productive and competitive, which will lead to progress for them and
the nation.
FCMB made this known in a statement to commemorate this
year’s International MSME Day, marked recently.
The annual event provided an opportunity to raise public
awareness of the contributions of such businesses towards ensuring sustainable
development, poverty alleviation, empowerment and other benefits.
Commenting on the significance of the International SMEs Day
and commitment of FCMB to businesses, the Group Head, Business Banking of the
Bank, Mr. George Ogbonnaya, said the Day is important to the financial
institution as a major operator in the global business community.
According to him, “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.”
He added that, “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”.
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. 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 N23billion loan guarantee support to
SMEs with inadequate collateral coverage or those in start-up stage.
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