Fidelity Bank, BoI Unveil Lending Scheme For Manufacturers

Fidelity Bank Plc, in a strategic partnership with the Bank of Industry, has launched a lending scheme for manufacturers. The bank, in a statement on Monday, described the lending scheme − Aba Finished Leather Goods Cluster Financing Programme − as part of a continuous effort to promote made-in-Nigeria goods capable of meeting global standards for export and local consumption.
BoI provided N400m finance for the scheme which would be made available on a quarterly basis to over 300 members of the Leather Products Manufacturers Association of Abia State. According to the statement, the funds will be disbursed through Fidelity Bank, while the Ford Foundation will provide technical support to the artisans.
The Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, at the formal launch in Aba, was quoted to have said the partnership with BoI further underlined the bank’s commitment to addressing the finance challenges confronting Micro, Small and Medium Enterprises in the country.
Okonkwo, who was represented by the Head of Corporate Banking, Fidelity Bank, Obaro Odeghe, pointed out that the loans would enable manufacturers to procure requisite materials and equipment for production and expansion. He said the bank would provide short-term loans with maximum obligor limits of N300, 000 to N500, 000 to qualified members of LEPMAAS. According to Okonkwo, the partnership with BoI is in furtherance of the commitment towards building the next generation of international entrepreneurs in the art of leather products manufacturing in the cluster.
Source: Punch