Fidelity Bank Secures N500m for Small Business Owners

May 26, 2018
Fidelity Bank Secures N500m for Small Business Owners

By Dipo Olowookere

Mid-tier lender in Nigeria, Fidelity Bank Plc, has confirmed working in partnership with some venture capitalists and angel investors to provide funding packages for those in the Small and Medium Enterprises (SMEs) sector of the economy.

While angel investors are often successful business individuals who invest their personal funds into potentially rewarding business opportunities at their early stages, venture capitalists are companies which use other people’s money to invest in other rewarding small businesses. They raise that money by offering investors a chance to take part in a fund that is then used to buy shares in a private company

Speaking on Tuesday at the 250th edition of the Fidelity Bank SMEs seminar in Lagos, Managing Director of the financial institution, Mr Nnamdi Okonkwo, explained that the initiative was mainly to strengthen the non-oil sector of the nation’s economy.

According to him, the bank and the investors will organise an event later this year called ‘Fidelity Bank SME Funding Fair’ and it will give SME owners the privilege to meet and interact with the investors for the funding package.

He hinted that this will likely take place in September, but quickly pointed out that details of the event would be made known as the time draws closer.

However, he explained that the Fidelity Bank SMEs Funding Fair would be like “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.”

According to him, “A lot of international organisations provide finance beyond traditional banks but they find it difficult to reach the SMEs.”

Mr Okonkwo promised that the financial institution will continue to ensure small business owners in the country have access to funds.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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