Fidelity Bank Partners International Agencies Over N500m SMEs’ Fund
In a bid to strengthen the non-oil sector, Fidelity Bank Plc is partnering international funding agencies and venture capitalists. Consequently, they will provide N500 million funding for Small and Medium Enterprises.
Nnamdi Okonkwo, the bank’s Managing Director, made this known. He said it at the 250th edition of the Fidelity Bank SMEs programme in Lagos on Tuesday.
Okonkwo said the bank was partnering venture capitalists and angel investors to organise ‘Fidelity Bank SME Funding Fair’, Hence, this fair is aimed at providing funding for SMEs to strengthen economic growth and development.
An angel investor is an affluent individual who provides capital for a business start-up. Certainly, this is usually in exchange for convertible debt or ownership equity.
Okonkwo said the funding would come in the form of equity participation and debt financing among others. He noted that details of the fair would be made public at the right time.
Furthermore, he explained that the two-day funding fair would provide an avenue for SMEs to meet other international funding firms. This event has been scheduled for September.
He said: “Fidelity Bank SMEs Funding Fair is a marketplace where a lot of SMEs that don’t have access to finance will meet people that are looking for viable SMEs to support.”
According to him, the fair would provide an opportunity for some international organisations to meet one-on-one with SMEs.
Okonkwo said: “A lot of international organisations provide finance beyond traditional banks but they find it difficult to reach the SMEs.”
He said the bank had carried out many initiatives to ensure the growth and development of the industry.
For instance, he said the bank had organised capacity building programme, export promotion trainings for SMEs. It also made provision for mentoring to ensure the growth of the sector.
He said: “So, we have a huge number of SMEs in Nigeria; in any economy actually you cannot ignore the role played by SMEs.
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