Fidelity Bank Plc have recently announced their preparation to have a fair targeted at SMEs to help them get funding and connect with investors.
The fair is tagged “Fidelity Small and Medium Enterprise (SME) Funding Fair. The event will serve as a market place and will be for all.
Nnamdi Okonkwo, Managing Director and Chief Executive Officer of Fidelity Bank Plc Disclosed this at the 250th edition of fidelity SME forum on Inspiration FM. He noted that this is determined to continually make the difference in the claims on SMEs financing in the country.
He further stated that “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. A lot of International organisations provide finance beyond traditional banks but they find it difficult to reach the SMEs.
We have a huge number of SMEs in Nigeria; in any economy actually you cannot ignore the role played by SMEs. In Nigeria and elsewhere, the mortality rate of SMEs is quite high and as a bank we decide to delicate significant resources and our time to develop and support SMEs” he stated.
He also mentioned that The Fair would provide alternative financing vehicles, which definitely would be at lower costs and commercial rates. It is not necessarily like a grant, but people will pitch their business to the fund providers and depending on the focus and viability of the business, these providers will then extend financing he said.
Concluding his statement, he mentioned that the financing at the fair would come like a mixed bag. It would be a mix of equity, debt, finance and things like that and also that SMEs will probably have opportunity to talk to between 10 and 30 funds providers to see the best for their businesses.
If you are a small or medium scale business owner, this is coming soon, pen it down on your schedule.