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.