Fidelity Bank Bets Over N17Bn on SME’s ….As Lagos Plans N25Bn Funds for SME’s

Even as Lagos State government is planning for a N25billion funds for small and medium enterprises (SME’s) in the state,Fidelity Bank Plc has beted over N17billion on SME’S in the country.This all came to light during the “SME’s Connect 2019″event organised by the bank to jaw-jaw with SME’s in Lagos and environment to further enlighten and funnel more funds to their businesses.

According to Lagos State Deputy Governor,Dr Obafemi Hamzat Fidelity Bank is doing a good thing to the nation’s economy via its support of SME’s given the developmental impacts of such businesses on our economy.

He therefore urged all and sundry to follow the lead of the bank in its laudable initiative which is vital,saying this the reason Lagos stete is also making effort to set up a N25billion fund for such companies in the state.

Earlier the CEO of the bank,Nnamdi Okonkwo had revealed that the bank has in recent times been supporting SME’s with funds to the tune of N17billion,maintaining that these funds came from Bank of Industry and Development Bank of Nigeria and its own funds.

He revealed that its because the SME posture that Fidelity Bank is known in the financial sector as the most SME friendly bank and he stressed that the bank is not going to change that posture as long as he is in charge of its affairs.He revealed the the (SME’s Funding Connect 2019)will now move to other geo-political zones after Lagos,

The Chairman of the bank ,Mr Ernest Ebi in his speech maintained the board of the bank is solidly behind their CEO in the bank’s support of that cadre of companies and business and SME’e in the country should be rest assured that Fidelity Bank is on their side.

The top 12 SME’s out of the over 2000 that applied to participate in the pitch for the banks got varied sums of money as support from the bank.While 7 of them went home with N250,000,,the fourth and fifth runner up got N500,000,

The winner of the event Yetunde Ayo Oyelowo(market doctor)who came first received N2million grant while the second and third runners up were given N1million each