Last updated on March 11th, 2022 at 09:36 am
Is your business expanding and you need money to fulfill your dreams,buy more equipment and fund increasing accounts receivable balances. Yes you can apply for Fidelity bank SME Loans And Advances to enable you have access-to-finance burden confronting MSMEs in Nigeria.
Taking on a loan means taking on debt, and you’ll need to be prepared to make payments on that debt for a few years. If you don’t have the monthly budget for principal payments plus interest, reconsider the amount you need to borrow or the way in which you borrow.
This article is designed to provide information about Fidelity bank SME Loans And Advances with flexible/low-cost financing to SMEs
The Fidelity bank SME Loans products includes the following: Commercial Support Short Term Loan ,Commercial Support Overdraft, Fidelity EduLoan and Development Bank Of Nigeria (DBN) On-Lending Scheme For SMEs And Small Corporates
1. Commercial Support Short Term Loan
The Short term Loan is a working capital finance product for MSMEs trading in fast moving consumer goods (FMCGs}. The loan tenor is 90 days-Though borrower don’t need to have tangible collateral to secure this kind of loan facilities
Who is Eligible for this kind of loan?
Only identified trading MSME members of identified trading clusters approved by the bank’s Management Credit Committee (MCC) are eligible for the Commercial Support Short Term Loan
2. Commercial Support Overdraft
The second kind SME loan facility unveiled by fidelity bank is overdraft which meet to serve as working capital finance facility usually availed as a 30-day .
MSMEs who can proven their track record of account activity with the bank that is directly traceable to the trading business can apply for this facility.
Only MSMEs trading in fast moving consumer goods who record daily inflows and have very short cash conversion cycles.
3. Development Bank Of Nigeria (DBN) On-Lending Scheme For SMEs And Small Corporates
This on-lending scheme which is an alternative funding window that avails loans to eligible MSMEs playing in any sector of the Nigerian economy, at less-than commercial rates. It’s -lending scheme for SMEs and small corporate. The loan facility ranges from From N5m to N720m Up to 60 months as tenor.
SMEs and small corporate playing in any sector of the Nigerian economy and whose businesses are structured.
4. Fidelity bank EduLoan
The loan product is designed to provide working capital and asset/expansion for Private Crèche, Nursery, Primary and Secondary Schools that are duly approved and registered by the Ministry of Education and Corporate Affairs Commission
The schools must have been in operation for a minimum of three (3) years and bank account domicile with Fidelity bank
Eligible Customer Class:
private schools (primary, secondary, tertiary) registered with relevant state Ministries of Education or the Federal Ministry of Education.
Short term loan (working capital finance)
Term loan (asset/expansion/lease Finance)
Single Obligor Limit:
Short term loan (working capital finance) -N30m
Term loan (asset/expansion/lease finance) -N150m
Short term loan -6 months
Term loan -36months
How to apply
Interested borrower should visit any fidelity bank to apply or copy and paste this link to your browser for loan application process” https://www.fidelitybank.ng/sme-banking/sme-loans-and-advances/#loans