Fidelity Bank N500m SMEs Funding
Small and medium enterprises (SMEs) are the engine room of any economy. This is because they play very importance role in the economic development of a country, in terms of production, employment generation, contribution to exports and facilitating equitable distribution of income. This informs Fidelity Bank’s commitment to supporting a huge number of SMEs expand the scope of their businesses. In recognition of its unparalleled support for SMEs, Fidelity Bank was last year, awarded the “SME Friendly Bank of the Year 2017” in utmost recognition of its support for Micro Small Medium Enterprises (MSMEs) in Nigeria. The accolade was bestowed upon the bank at the 2017 Lagos Chamber of Commerce & Industry (LCCI) Awards. In continuation of that crucial role, Fidelity Bank, last week disclosed that it will in September this year, organise a fair that is expected to provide an opportunity for operators of small and medium scale enterprises (SMEs) to meet with viable financing organisations. The bank estimates that the initiative would provide SMEs in the country an opportunity to access financing of about N500 million from viable organisations across the globe. Chief executive, Fidelity Bank, Mr. Nnamdi Okonkwo said at ‘Fidelity SME Forum,’ a radio programme that was monitored on Inspiration FM that the two-day event has been christened the ‘Fidelity SME Funding Fair.’ He explained: “For the first time in Nigeria, Fidelity Bank sat back, and we were wondering how we can help SMEs have access to finance. “So, what we have done is to plan a two-day event which we have called the Fidelity SME Funding Fair. “With this, we are trying to create a market place. Now, a lot of organisations that provide financing opportunities from international and local organisations, far beyond the traditional banks and development institutions. “These financing organisations have the money, but don’t know how to reach the SMEs, while the SMEs have the need, but they don’t know how to reach these people.” The funding organisations, Okonkwo explained, would be allocated booths at the event, where SMEs would have the opportunity to meet and speak with them. He said that before the fair would hold, Fidelity Bank would organise a seminar where it would bring SMEs and providers of finance to speak generally. According to him, after the seminar, the bank would go into a one-on-one session so that the SMEs can interact with them and of course, mediated by Fidelity Bank. “Towards the end of the first day, we would go into a pitching session where SMEs would be given the opportunity to pitch what they do to the fund providers and state why they think they should attract financing.” Whereas some financial institutions charge very high interest rates on loans granted to MSMEs, Fidelity Bank has continued to grant loans to SMEs at attractive rate and flexible repayment plan. With all of these and more, Fidelity Bank deserves a thumbs up.