Fidelity Bank Plc has intensified efforts to improve the competitiveness and sustainability of Nigerian small and medium-sized enterprises (SMEs), offering eligible businesses access to intervention financing at interest rates ranging from 10 to 16 per cent.
The initiative, which is being implemented in collaboration with on-lending institutions, is part of the bank’s broader strategy to ease funding constraints, strengthen business capacity and equip entrepreneurs with the resources and expertise needed to expand their operations.
The bank disclosed this at the Abuja edition of its quarterly SME Business Forum, themed “Built to Compete: Positioning Abuja Businesses for Sustainable Growth”, which brought together entrepreneurs, industry stakeholders and regulatory representatives to examine challenges and opportunities in the SME sector.
Speaking at the forum, Executive Director, North Directorate, Fidelity Bank Plc, Sufiyanu Garba, said the bank remained committed to supporting entrepreneurs through financing, business knowledge, strategic connections and innovative solutions.
He, however, challenged business owners to embrace sound financial management, strengthen their operational structures and leverage technology to improve efficiency and profitability.
“A business may record strong sales and still struggle with cash flow. Sustainable growth requires business owners to understand what drives profitability, manage costs and working capital effectively, keep reliable records and use technology to make better decisions. These are the disciplines that position businesses to access finance, pursue larger opportunities and compete successfully,” he said.
Garba explained that the bank offers a range of financing options designed to address the diverse funding requirements of SMEs and accommodate their respective business cycles.
According to him, these include working capital facilities, overdrafts, term loans, asset and equipment financing, trade finance and structured lending.
He described access to affordable credit as critical to the growth and survival of small businesses, noting that the bank’s collaboration with intervention funding partners was aimed at making financing more accessible to eligible entrepreneurs.
“Access to affordable finance remains critical to SME growth. At Fidelity Bank, we are working with intervention funding partners to provide eligible businesses with financing at significantly reduced interest rates. Our goal is to ensure that promising businesses have the financial support they need to grow sustainably,” he said.
He added that the initiative particularly seeks to ease financing pressures on women-owned businesses, youth-led enterprises and businesses operating in environmentally sustainable, or green, sectors.
Beyond financing, the forum offered participants an opportunity to interact with regulatory stakeholders and seek clarification on issues relating to taxation, customs procedures, importation, exportation and other regulatory requirements affecting business operations.
Secretary of the Iron Dealers Association, Mararaba, Okwuchukwu Okolo, commended Fidelity Bank for creating a platform that enables entrepreneurs to engage directly with financial institutions and relevant government agencies.
“The Fidelity Bank SME Business Forum provided useful clarification on multiple taxation and customs procedures. It is encouraging to have a platform where business owners can raise concerns, receive practical guidance and better understand their regulatory obligations,” Okolo said.
Also speaking, Chief Executive Officer of Febesth Global Resources Limited, Abuja, Folake Olufemi, praised the bank for promoting knowledge-sharing and networking among business owners.
“I gained valuable insights into importation procedures and the appropriate channels for resolving customs-related complaints. The forum also created opportunities to network and engage directly with the bank on challenges affecting our businesses,” she said.
The Abuja engagement is part of Fidelity Bank’s quarterly SME Business Forum, which has previously held editions in Lagos, Kano and Port Harcourt.
The initiative underscores the bank’s broader commitment to strengthening the SME ecosystem by providing entrepreneurs with access to affordable financing, business advisory services, capacity development, market opportunities and strategic networks required to build resilient and competitive enterprises.