FCMB SME Grant to Empower 1 Million Small Businesses | Check Post for More Details

In a significant move towards boosting economic growth and fostering entrepreneurship in Nigeria, First City Monument Bank (FCMB) has introduced an innovative SME grant program designed to uplift and nurture over 1 million small and medium-sized enterprises (SMEs) across the nation. Collaborating with SkillPaddy and other industry experts, the initiative aims to equip startups and existing businesses with crucial skills and resources, fostering the development of innovative products and services, exploring untapped markets, and accelerating overall business growth.

This strategic initiative by FCMB is backed by a N511.7 million Technical Assistance grant, comprising N284.7 million from Proparco, the private-sector arm of the French Development Agency, and an additional N227 million from the African Development Bank (AfDB). These funds will play a pivotal role in facilitating the successful onboarding and empowerment of SMEs, with a specific emphasis on supporting women entrepreneurs and businesses in high-impact sectors, such as agriculture, renewable energy, and digital innovations.

To kick-start this transformative program, FCMB has already disbursed N50 million in grants to 200 SMEs that actively participated in the inaugural training session. This announcement took place during an event commemorating Global Entrepreneurship Week 2023, underscoring the bank's commitment to driving economic development through the empowerment of entrepreneurs. CONTINUE READING.....

George Ogbonnaya, FCMB's Group Head of SME Banking, emphasized the bank's dedication to inspiring Nigerians to pursue their entrepreneurial dreams. He stated, "The FCMB SME Grant Program reaffirms our commitment to empowering businesses effectively. We aim to inspire Nigerians to pursue their entrepreneurial dreams and build a portfolio of viable businesses that can contribute to transforming Nigeria’s economy."

A notable aspect of FCMB's commitment is the support extended to women-led SMEs. Through mentorship and access to finance, the bank seeks to empower women entrepreneurs, fostering inclusivity and diversity within the business landscape. Ogbonnaya added, "Through mentorship and access to finance, we will continue to empower these remarkable entrepreneurs."

The collaboration between FCMB and SkillPaddy has been recognized as a potential game-changer for SMEs in Nigeria. Kunle Erinle, Founder and CEO of SkillPaddy, highlighted the transformative impact this partnership could have on SMEs, stating, "By accelerating productivity, we can open doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth."

This sentiment was echoed by Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita, expressing gratitude to FCMB for the opportunity. "I am grateful to FCMB for this opportunity and look forward to scaling up my business through the program," Olanrewaju shared, emphasizing the tangible impact the initiative has on individual entrepreneurs. CONTINUE READING.....

As FCMB pioneers a new era of SME growth and empowerment in Nigeria, the SME grant program stands as a testament to the bank's commitment to driving economic development and fostering a thriving entrepreneurial ecosystem.

Source: This Day Live

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