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Fidelity Bank Flags Off 4 New Funding Schemes For SMEs in Nigeria

Last Updated on November 24, 2021 by Ope Quadri

The management of Fidelity Bank through its SME Radio Forum has announced the launching of four new funding schemes to support Small Scale Enterprise (SME) and Medium and Small Scale Enterprise (MSME) in Nigeria.

Making the announcement, the managing director of the bank, Nneka Onyeali-Ikpe, said the loan scheme was part of Fidelity’s mission to help small businesses mitigate the effect of the covid-19 pandemic while at the same time providing expert guidance on how to manage their businesses.

In one of our articles, we highlighted some of the categories of loans business owners can take advantage of, details can be found at:

“We perfectly understand the importance of SMEs and the roles they play in an economy that why we’re taking it upon ourselves to make sure they have access funding,” Mrs Onyeali stated on Fidelity SME Radio Forum in a webinar titled “Funding and Financial Management for SMEs”

The webinar had in attendance over 600 Nigerians who are small business owners and need a low-interest loan to expand.

The newly added funding schemes for SMEs launched include:

  • Specialized MSMEs Loan,
  • Cluster-Based Quick Loan,
  • Development Finance Loan,
  • Commercial Support Overdraft Loan,

Questions You Must Ask Yourself Before Taking Loan

For a new entrepreneur, grants are the best sources of capital, but they are not readily available.

Take a loan when you are sure that the interest rate will not be more than the profit of the business you’re investing in. Let loan be your last option.

Information on how to calculate loan interest rate is at:

  •  Ask yourself:
  • What are the loan terms?
  • What is the repayment mode?
  • How flexible is the repayment?


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