First City Monument Bank (FCMB) has introduced a new loan product targeted at Small and Medium Scale Enterprises (SMEs) and households to enable them acquire clean energy equipment such as solar panels, batteries, and inverters, among others.
The FCMB Energy Finance Loan, the bank said in a statement, was designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.
It noted that staying in business often requires staying connected to an efficient and constant source of power supply, adding that in a challenging environment where power supply can be unreliable, an FCMB Solar Energy Loan comes in handy to tackle the challenge.
To access the facility is fairly convenient:
- No collateral
- Maximum loan amount of N3 Million
- Maximum tenor of 12 months
- Every registered business could be eligible for this loan.
Commenting on the energy loan product, the Managing Director of FCMB, Yemisi Edun, described it as “Another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians, and encourage clean energy.”
She said, “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.
“We will continue to scale up our support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity.”
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