Fidelity bank Business loan: SME And Advances: How to apply and requirements

Is your company growing and you require funds to realize your goals, purchase new equipment, and fund rising accounts receivable balances? Yes, you can apply for Fidelity Bank SME Loans and Advances to help you overcome the financial barriers that MSMEs face in Nigeria.
Taking out a loan entails taking on debt, and you must be willing to make payments on that debt for a period of time. If you don’t have enough money each month to cover principal and interest payments, reconsider the amount you need to borrow or the way you borrow.

This article aims to inform SMEs about Fidelity Bank SME Loans and Advances, which offer flexible/low-cost financing.

The following Fidelity Bank SME Loans products are available: Commercial Support Overdraft, Commercial Support Short Term Loan, Fidelity Support For SMEs and small corporations, EduLoan and the Development Bank of Nigeria’s (DBN) On-Lending Scheme

1. Short-Term Commercial Support Loan

The Short Term Loan is a working capital financing option for MSMEs that deal in fast-moving consumer goods (FMCGs). The loan term is 90 days, and the borrower does not need tangible collateral to secure this type of loan.

Who can apply for this type of loan?

Only recognized trading The Commercial Support Short Term Loan is available to MSME members of identified trading clusters that have been approved by the bank’s Management Credit Committee (MCC).

Overdraft for Commercial Support

The second type of SME loan introduced by fidelity bank is an overdraft, which is used as a working capital finance facility and is usually available for 30 days.

MSMEs can apply for this facility if they can show a track record of account activity with the bank that is directly related to their trading business.

Customers who qualify:

Only MSMEs that deal in fast-moving consumer goods and have very short cash conversion cycles are eligible.

3. On-Lending Scheme For SMEs And Small Corporations at the Development Bank of Nigeria (DBN)

This on-lending scheme is an alternative funding window that provides loans at less-than-commercial rates to eligible MSMEs in any sector of the Nigerian economy. It’s a lending program for small businesses and corporations. The loan amount ranges from N5 million to N720 million. Tenor for up to 60 months.

Customers who qualify:

SMEs and small businesses that operate in any sector of the Nigerian economy and are structured.

4. Bank of Fidelity EduLoan

The loan is for private crèches, nurseries, primary and secondary schools that have been approved and registered by the Ministry of Education and Corporate Affairs Commission to provide working capital and asset/expansion.

The schools must have been in operation for at least three (3) years and have a Fidelity bank account.

Customer Types Eligible:

Private schools (primary, secondary, and tertiary) that are registered with their respective state education ministries or the Federal Ministry of Education.

Structure of Loan:

Short-term financing (working capital finance)

Asset/expansion/lease finance term loan

Maximum Single Obligor:

N30 million short-term loan (working capital finance)

N150 million term loan (asset/expansion/lease finance)

Tenor:

6 month short-term loan

36-month term loan

How to Implement

To apply for a loan, interested borrowers should go to any fidelity bank or copy and paste this link into their browser.” https://www.fidelitybank.ng/sme-banking/sme-loans-and-advances/#loans

01-2701937 is the phone number.

sme@fidelitybank.ng is the email address.

 

Fidelity Bank, advance, bank, loan

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