Fidelity Bank Plc has announced access to business intervention loans carrying interest rates starting at 10 per cent as part of efforts to ease financing challenges facing small and medium-sized enterprises (SMEs) in Nigeria.
The bank disclosed this at its quarterly SME Business Forum in Abuja, where entrepreneurs, regulators and business stakeholders discussed ways to improve the competitiveness and long-term sustainability of businesses.
Brandspur Banking News Desk gathered that the initiative involves partnerships with on-lending institutions to provide eligible businesses with funding at interest rates ranging from 10 to 16 per cent, depending on the intervention scheme.
Speaking at the forum, Sufiyanu Garba, Executive Director of Fidelity Bank’s North Directorate, said affordable financing remained essential to helping businesses expand, particularly as entrepreneurs contend with operating costs and other financial pressures.
He explained that the bank offers several financing options, including working capital facilities, overdrafts, term loans, equipment and asset financing, trade finance and structured lending. The facilities are designed to accommodate different business requirements and operating cycles.
Garba said the bank’s intervention funding arrangements were intended to widen access to affordable credit, with particular attention to women-owned businesses, youth-led enterprises and companies operating in environmentally sustainable sectors.
However, he stressed that access to loans alone would not guarantee business success, urging entrepreneurs to improve their financial management and adopt stronger operational structures.
According to him, businesses need reliable financial records, effective cost controls and proper working capital management to understand their profitability and position themselves for larger commercial opportunities.
The Abuja forum, themed ‘Built to Compete: Positioning Abuja Businesses for Sustainable Growth’, also provided an opportunity for business owners to engage directly with regulatory representatives on issues affecting their operations.
Discussions covered taxation, customs procedures, importation and exportation, among other regulatory concerns.
Okwuchukwu Okolo, Secretary of the Iron Dealers Association, Mararaba, said the engagement helped entrepreneurs obtain clarification on multiple taxation and customs processes.
Similarly, Folake Olufemi, Chief Executive Officer of Febesth Global Resources Limited, said the discussions provided useful information on importation procedures and channels for resolving customs-related complaints.
She also highlighted the networking opportunities created by the gathering, particularly the chance for entrepreneurs to discuss operational challenges directly with the bank.
The Abuja meeting is part of Fidelity Bank’s quarterly SME engagement initiative, which has previously held editions in Lagos, Kano and Port Harcourt.
The bank said the programme is designed to connect entrepreneurs with financing opportunities, business knowledge, market access and relevant industry stakeholders.
Fidelity Bank serves more than 10 million customers through its digital banking channels and 255 business offices across Nigeria. It also operates a United Kingdom subsidiary, FidBank UK Limited.
The latest engagement comes as Nigerian businesses continue to navigate financing and operational challenges, making access to affordable credit and practical business guidance important considerations for companies seeking to expand.
