FCMB Partners Abia on SME Empowerment

First City Monument Bank (FCMB) has gone into partnership with Abia State government to provide financial and other technical support to existing and potential owners of SMEs in the state under the Youth Entrepreneurship Development Programme (YEDP).

Under the partnership, FCMB is offering loans and technical support to eligible existing and aspiring young entrepreneurs who have viable business ideas.

An individual can access up to N3 million, while group projects jointly owned by three to five qualified beneficiaries can access up to N10 million, payable in three years at an interest rate of nine per cent.

According to a statement, target beneficiaries are members of NYSC (or those who not more than five years postNYSC), those who possess a verifiable tertiary institution certificate and artisans with First School Leaving Certificate or a technical certificate or accredited proficiency certificate from the National Board for Technical Education (NBTE).

To ensure ease and convenience in accessing the facility as well as overall success of the partnership, the statement disclosed that FCMB had developed a product under the YEDP and a dedicated website where applicants can log in, fill a form and provide all requirements to benefit from the funding and other benefits associated with the programme.

Speaking at the Abia Mega Youth Summit held in the state recently, where the partnership between FCMB and the state was launched, the Executive Director, Business Development of the Bank, Mrs. Bukola Smith, described the financial institution’s intervention as another demonstration of its commitment to empower SMEs and youths in order to up-scale their contributions to the development of the country.

She said: “We recognise the role of SMEs as drivers of Nigeria’s development and how youths can key into the opportunities. The YEDP is a major platform to address the challenges of unemployment among youths, as it will go a long way to ensure availability and affordability of capital required by entrepreneurs and start-ups.