Wema Bank said it has made available SME loan products that are collateral free to
support businesses.
A statement from the bank explained that
businesses in need of working capital finance could get up to N10
million without collateral to meet their short-term business needs.
This facility is available for business
owners who are in segments such as trade /general commerce, schools,
pharmacies, hospitals, clinics and diagnostic centres.
“Also, in the bank’s quest to enhance
reach and accessibility of these facilities, it has made it available to
both new and existing customers of the Bank (including those doing
business with their personal names),” it added.
According to the bank, the initiative
was to mitigate the impact of the coronavirus pandemic on businesses
affected by the virus.
“The bank is offering up to N5 million
without collateral and up to 12 months repayment period to businesses
that are doing trading or general commerce while school owners can get
up to N10 million without collateral with also 12 months repayment
period.
“Health sector businesses like
pharmacies, hospitals, clinics and diagnostic centres can also get up to
N5million without collateral with up to 12 months repayment period to
meet working capital needs. In an earlier communication, the bank had
stressed how critical it is to support players in the health sector,
especially with the realities of the time.
“For us, we will continue to put the
health of Nigerians and the safety of our communities first,” said the
MD/CEO Wema Bank, Mr Ademola Adebise.
He added: “It is our joy to see players
in the health sector grow during this difficult time and we encourage
them to take advantage of all our support programmes to keep their
businesses afloat.
“We have been very thoughtful in how we
have approached this, and we will continue to be. Our goal is to provide
all the support we can at this time coming from the knowledge that the
fight against the pandemic is a collective one, and we all must play our
roles,” Adebise added.
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