At FCMB Bank we aim to finance acquisition of new assets for the day to day business of SMEs in Nigeria. SMEs in all eligible industries including but not limited to Retailers, Wholesalers, Distributors, Manufacturers, Importers etc. the credit gives your business the opportunity to acquire that important machinery or equipment to increase efficiency and productivity. The FCMB Bank SME Asset Finance Loan, which provides business owners with the opportunity to borrow from ₦500,000 to ₦3 million with flexible repayment options and at a competitive interest rates for 12- 48month tenor.
Whether you’re looking to fund an expansion project or buy new equipment, there are lots of reasons why small businesses might want to apply for asset finance at FCMB Bank Nigeria. Before you fill out the application and send it in, though, make sure you understand the criteria that can make or break your application — and whether this kind of loan will really be the best choice for your business. This article covers everything you need to know about FCMB Bank SME Asset Finance Loan requirements and application processes to help you take the next step toward getting approved.
The Role of Asset Finance in Nigerian Businesses
Asset finance is a type of lending that enables businesses to borrow money to purchase equipment, machinery or vehicles. In Nigeria, this type of loan is typically used by small and medium enterprises (SMEs) to help them grow and expand their operations. The funds can be secured against the assets being purchased with the loan.
Why SMEs should choose an asset finance loan
An asset finance loan can provide the working capital your business needs to grow. The application process is simple and straightforward, and you can get started with just a few clicks. Plus, you’ll benefit from competitive interest rates, flexible repayment terms, and a dedicated customer service team. You’re in control of when and how much you repay, which means lower monthly payments that fit into your budget. If you’ve been considering an asset finance loan for your business but haven’t taken action yet, we want to help. Our experts are standing by 24/7 to answer any questions you have. They will guide you through the application process so you can start getting cash fast!
Types of assets eligible for financing
First City Monument Bank offers financing for a wide variety of business assets, including real estate, vehicles, machinery, and equipment. In order to qualify for financing, the asset must be purchased from an eligible supplier and must be used for business purposes. The loan amount will be based on the value of the asset being financed. First City Monument Bank offers financing for a wide variety of business assets, including real estate, vehicles, machinery, and equipment. To qualify for a FCMB SME loan, you need to purchase the asset from an approved supplier and use it in your business.
What are the Requirements for an Asset Finance Loan
To apply for an asset finance loan at FCMB bank, you will need to meet the following requirements:
-You must be a small or medium sized enterprise owner in Nigeria
-Your business must have been in operation for at least 2 years
-You must have a good credit history
-You must have collateral to offer as security for the loan
If you meet these requirements, you can apply for the loan online through the FCMB website.
Documents Needed for FCMB Bank SME Asset Finance Loan
To apply for an FCMB Bank SME Asset Finance Loan, you will need the following documents:
1. A completed loan application form
2. Your business plan
3. Financial statements for your business
4. Proof of income
5. Collateral (if required)
6. Identification card copies
7. Proprietorship agreement if self-employed
8. Tax returns for at least three years
9. Audited financial statements for the last two fiscal years
10. Latest statement from Revenue Mobilization Allocation and Fiscal Commission on Business Registration or Corporate Affairs Commission on Company Registration with a minimum rating of C
11. Letter from a recognised bank showing proof of sound financial status and credit worthiness
The Steps involved in Processing a Loan Application at FCMB bank
The First City Monument Bank offers an online application for the FCMB SME Asset Finance Loan to make it easier for Nigerian entrepreneurs to apply and receive funding quickly. If you are interested in applying for the FCMB SME Asset Finance Loan, please follow these steps:
1. Visit the First City Monument Bank website
2. Select Personal Banking from the drop-down menu at the top left corner of your screen
3. Click on SMES from the second drop-down menu under Banking Products on your screen
4. Click Apply Now
5. Complete the First City Monument Bank SME Asset Finance Loan Application Online form and click Submit
6. Print out your First City Monument Bank SME Asset Finance Loan receipt for future reference.
When using the First City Monument Bank SME Asset Finance Loan Application Online, borrowers must provide the following information:
Name and Date of Birth
A valid email address for correspondence purposes
Complete First City Monument Bank account details
Monthly Income statements issued within the last three months
Latest three years’ worth of personal bank statements including current balance per statement; also include any past due balances and cheque payment plans signed up for.