Small and Medium-sized Enterprises, SMEs can access intervention funding at interest rates ranging from 10 to 16 per cent through Fidelity Bank Plc’s partnerships with on-lending institutions, as the bank steps up efforts to ease financing constraints facing Nigerian businesses.
The bank’s Executive Director, North Directorate, Sufiyanu Garba, disclosed this at the Abuja edition of its quarterly SME Business Forum, themed “Built to Compete: Positioning Abuja Businesses for Sustainable Growth.”
Garba said the financing initiative was designed to provide eligible businesses with affordable funding to support expansion, working capital and other operational needs.
He noted that the intervention would particularly benefit women-owned businesses, youth-led enterprises and businesses operating in green sectors.
According to him, Fidelity Bank provides various financing options, including working capital facilities, overdrafts, term loans, asset and equipment finance, trade finance and structured lending, depending on businesses’ funding requirements and operating cycles.
He also urged entrepreneurs to strengthen their financial management practices, maintain reliable business records and adopt technology to improve decision-making and profitability.
“A business may record strong sales and still struggle with cash flow. Sustainable growth requires business owners to understand what drives profitability, manage costs and working capital effectively, keep reliable records and use technology to make better decisions,” he said.
Garba explained that financial discipline and sound business structures would improve SMEs’ ability to access financing, pursue larger opportunities and compete successfully.
The forum also provided an opportunity for entrepreneurs to engage regulatory stakeholders on taxation, customs procedures, importation, exportation and other challenges affecting business operations.
Commending the initiative, Secretary of the Iron Dealers Association, Mararaba, Okwuchukwu Okolo, described the forum as a useful platform for business owners to obtain clarification on multiple taxation and customs procedures.
He said the engagement enabled entrepreneurs to raise concerns, receive practical guidance and better understand their regulatory obligations.
Similarly, the Chief Executive Officer of Febesth Global Resources Limited, Abuja, Folake Olufemi, commended the bank for providing opportunities for knowledge-sharing and networking.
She said the forum offered useful insights into importation procedures and appropriate channels for resolving customs-related complaints, while allowing participants to engage directly with the bank on business challenges.
The Fidelity SME Quarterly Business Forum has also held editions in Lagos, Kano and Port Harcourt as part of the bank’s efforts to improve entrepreneurs’ access to financing, business knowledge, market opportunities and strategic connections.