Small and Medium Enterprises – SMEs in Nigeria asked to approach First Bank for funding
Small and Medium Enterprises – SMEs in Nigeria asked to approach First Bank for funding
SMEs in Nigeria Update: The First Bank of Nigeria has been invited to assist Small and Medium-Sized Enterprises (SMEs) in resolving their financial issues. The CEO and principal consultant of Mesh Consulting, Tunde Meshioye, stated as much during the most recent First Bank SMEConnet webinar.
He told the attendees that the funding problem was virtually resolved with the bank and urged them to visit First Bank of Nigeria with their supporting papers.
He stated that in addition to having sufficient finance, SMEs must implement effective marketing strategies to guarantee consistent customer demand for their goods and services to grow profitably. The bank issued a warning to small and medium-sized enterprises (SMEs) about funding from unlicensed money lenders, sometimes known as loan sharks.
During the webinar session with the theme “Pioneering SME Success: Growing Profit and Sustainability Goals,” Abiodun Famuyiwa, head of the bank’s SMEs banking and money transfer division, issued the warning.
The webinar, which was held in association with Mesh Consult Limited, was designed to give small and medium-sized enterprises (SMEs) a thorough grasp of the methods and tactics required to attain long-term expansion and financial success.
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Famuyiwa states that SMES should work with “loan sharks” to secure financing to minimize needless financial strain.
We found that most SMEs turn to “loan sharks” out of desperation when they are unable to secure funding from family members during their capital-raising efforts.
Because these “loan sharks” provide you with loans at exorbitant interest rates, the capital is still waiting for you while you are having difficulty making interest payments. This has resulted in a great deal of damage.
“You won’t be able to handle the high cost because the profit from these businesses is typically so marginal,” he said. Therefore, please stay away from pricey funding sources like these loan sharks, since they might seriously harm your company. Records indicate that a number of our outstanding SMEs have committed suicide due to pressure.
He advised them to constantly look for funding from banks that are licensed and of high standing. While offering development levers, Famuyiwa counseled SMEs to make sure their companies are registered before approaching banks, whether they are limited liability companies, single proprietorships, or private corporations.
He asked SMEs to make sure they submitted their annual forms and to have accurate financial records, a sufficient sales turnover, a robust cash flow from their business, and a tax identification number.
He told them it was crucial for their company they make sure they had a working bank verification number. Additionally, he gave them advice on how to use technology to advance their company and strengthen their bonds with clients. When approaching the bank for financing, he stated that Know-Your-Customer paperwork and unblemished credit bureau reports were also crucial.
He gave an overview of several of Firstbank’s solutions for SMEs, which would help them in their operations and eliminate the need for them to pay an annual maintenance charge (AMC).
“FirstBank offers a FirstSME current account that you can open right away and operate as a nano, micro, or small and medium-sized business without having to pay any annual maintenance costs.
“First SME Basic, FirstSME Classic, and FirstSME Deluxe are the three fascinating feature-rich varieties of the account that allow you to make deposits into it without incurring any annual maintenance charges.
“You can run the business whether it is registered or not,” he stated, highlighting one of First Bank’s compelling value propositions to help all businesses. He continued by saying that the bank offered other bouquets of goods that would satisfy their needs and assist any kind of organization. More than 300 SME operators who attended the meeting were given free Firstbank Point of Sale (PoS) terminals by the bank. Bank first for financial support.
The First Bank of Nigeria has been invited to assist Small and Medium-Sized Enterprises (SMEs) in resolving their financial issues. The CEO and principal consultant of Mesh Consulting, Tunde Meshioye, stated as much during the most recent First Bank SMEConnet webinar.
He told the attendees that the funding problem was virtually resolved with the bank and urged them to visit First Bank of Nigeria with their supporting papers. He stated that in addition to having sufficient finance, SMEs must implement effective marketing strategies to guarantee consistent customer demand for their goods and services to grow profitably.
The bank issued a warning to small and medium-sized enterprises (SMEs) about funding from unlicensed money lenders, sometimes known as loan sharks.
The caution was delivered at the webinar session with the theme “Pioneering SME Success: Growing Profit and Sustainability Goals” by Abiodun Famuyiwa, head of the bank’s SME banking and money transfer division.
The goal of the webinar, which was arranged in association with Mesh Consult Limited, was to give SMEs a thorough grasp of the methods and tactics required to attain profitability and sustained growth.
Famuyiwa states that SMES should work with “loan sharks” to source financing to avoid unnecessarily high financial pressure. We found that most SMEs turn to “loan sharks” out of desperation when they are unable to secure funding from family members throughout many capital-raising attempts.
Because these “loan sharks” provide you with loans at exorbitant interest rates, the capital is still waiting for you while you are having difficulty making interest payments. This has resulted in a great deal of damage. In his own words: “You won’t be able to afford the high cost because, in most cases, the profit from these businesses is so marginal.”
Therefore, please stay away from pricey funding sources like these loan sharks, since they might seriously harm your company. Records indicate that a number of our outstanding SMEs have committed suicide due to pressure.
He advised them to constantly look for funding from banks that are licensed and of high standing. While offering development levers, Famuyiwa counseled SMEs to make sure their companies are registered before approaching banks, whether they are limited liabicorporateingle proprietorships or private corporations.
He asked SMEs to make sure they submitted their annual returns and to have accurate financial records, a sufficient sales turnover, a robust cash flow from operations, and tax identification numbers.
He told them it was crucial for their company they make sure they had a working bank verification number.
Additionally, he gave them advice on how to use technology to advance their company and strengthen their bonds with clients.
When approaching the bank for financing, he stated that Know-Your-Customer paperwork and unblemished credit bureau reports were also crucial.
He gave an overview of several of Firstbank’s solutions for SMEs, which would help them in their operations and eliminate the need for them to pay an annual maintenance charge (AMC).
“FirstBank offers a FirstSME current account that you can open right away and operate as a nano, micro, or small and medium-sized business without having to pay any annual maintenance charges.
“FirstSME Basic, FirstSME Classic, and FirstSME Deluxe are the three fascinating feature-rich varieties of the account that allow you to make deposits into it without incurring any annual maintenance charges.
“You may conduct the business whether it is registered or not,” he said, citing First Bank’s excellent value proposition as support for all businesses.
He continued by saying that the bank offered other bouquets of goods that would satisfy their needs and assist any kind of organization. More than 300 SME operators who attended the meeting were given free Firstbank Point of Sale (PoS) terminals by the bank.
