First City Monument Bank (FCMB) — how to get an SME business loan or financing

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First City Monument Bank (FCMB) is a leading financial services institution — based in Nigeria. It is the banking arm of the bigger FCMB Group Plc.

FCMB has over 3.7 million customers and 204 bank branches — spread across the country. The bank also has a wholly owned subsidiary, based in the United Kingdom — FCMB Bank UK.

FCMB, and its sister companies, offers a number of retail, business and corporate banking services.

Funding and types of business loans available through First City Monument Bank

SME Development Finance Facility

This FCMB product is an asset finance facility, designed to help businesses acquire commercial property — like office or warehouse space. Funds can be borrowed for a maximum of 3 years, and interest rates are competitive.

SME Asset Finance Facility

Financing the acquisition of assets, is easy with this FCMB asset financing facility. Use this finance product to buy the equipment or machinery — that will increase your business’s productivity. Financing can be provided for up to 4 years.

SME Working Capital Facility

FCMB has structured this working capital facility as either a term loan, or an overdraft. This is perfect for companies that need to satisfy any short-term obligations, or operational expenses. For the overdraft, funds can be borrowed for between 30-180 days. Term loans can be repaid over 3 years.

Quick Loan

This Quick Loan facility allows businesses to get short-term credit — of up to N10 million. Collateral is not required. There are two Quick Loan products on offer, a Temporary Advance and a School Aid Facility — with tenors of 12 and 6 weeks respectively.

SME Invoice Discounting Finance (IDF) Facility

Invoice finance is a flexible facility, that enables businesses to release cash — locked up in unpaid invoices. Only invoices issued to reputable organizations are eligible. Any invoice raised will be discounted — with you receiving a percentage of the total invoices value. A maximum tenor of 180 days applies.

SME Local Purchase Order (LPO) Finance Facility

LPO finance is a short-term product, used to provide your business with the money needed to pay any suppliers. Money is lent, based on a confirmed purchase order. You will have up to 6 months to repay any borrowed funds.


The FCMB SheVentures initiative has been established to help support women entrepreneurs. Under this scheme, business women can access long-term financing — at an interest rate of 15%. Further, where short-term funding is needed (less than 3 months) — loans can be advanced at 0% interest.

Food Business Support

Businesses involved in the food sector, such as cafes, eateries and restaurants, are the beneficiaries of this scheme. Here, you can get an unsecured loan or asset financing — to the tune of up to N5 million. Interest rates are set at 15%.

Bonds and Guarantees

With the nature of some businesses, there may be times where they are required to provide assurances or demonstrate that they have the capacity to meet contractual obligations. FCMB offers a few bond and bank guarantee services — that can help.

Intervention Funds

FCMB in collaboration with government related institutions, like the Bank of Industry (BOI) and the Central Bank of Nigeria (CBN), offers several different intervention funds. These funds come with multiple benefits such as — single digit interest rates and longer loan tenors.

Trade Services

For companies that trade globally — FCMB has a range of trade financing solutions. Finance products on offer include documentary collections, letters of credit and export financing.

Project and Structured Finance

FCMB can arrange a number of different structured and project finance solutions, particularly useful for large organizations — with unique funding requirements. For example, FCMB can syndicate a loan — when huge amounts of money are needed.

Qualifying for a First City Monument Bank business loan

FCMB has a mix of different loan and funding options — to suit both SMEs and large corporates. As such, lending requirements vary. Furthermore, some products are only available to companies involved in certain sectors of the economy.

Regardless of the credit facility — your company will need to meet certain general requirements.

FCMB will likely not be able to lend to businesses — that cannot prove that they are capable of repaying any borrowed funds. One way to prove this, is to provide evidence of regular monthly income.

Another way of demonstrating loan repayment capacity, is to have a good credit history — this is vital for businesses wanting to borrow without collateral.

Other lending criteria may also include:

  • Having a registered business or company — with the Corporate Affairs Commission (CAC)
  • Having a business or corporate bank account
  • Been trading for some time (1-3 years minimum)
  • Must have a good Credit Bureau Report — with no unpaid obligations or bad debt
  • Being an active customer of the bank

FCMB business financing, is typically not available to companies that are not registered. A potential solution to this, is to take a personal loan and use it for business purposes.

You may also want to consider applying for financing with SukFin — who can provide you with other options.

How to apply for a First City Monument Bank business loan

FCMB customers can apply for a business loan, via internet banking or mobile banking. If you are not an FCMB customer, or you require a more tailored funding solution, you can visit your nearest FCMB branch.

Loan applications will be assessed against FCMB lending guidelines. Accordingly, your business’s suitably as well as the purpose of the loan — will be evaluated.

Should your application be successful, an approval letter will be issued. Inside this letter you will find details of any terms and conditions you need to meet — before money can be disbursed.

A checklist of some important documents, that may be required includes:

  • Completed application form
  • Company profile
  • Business plan
  • Cash flow budget
  • Bank statements (12 months)
  • Audited financial accounts
  • Certificate of Incorporation
  • Valid means of identification (driving license, passport, voters card)
  • Proof of address
  • Details of collateral offered (if any)

Note. The actual documentation you will need to provide, is based on the credit facility you apply for.

Frequently asked questions (FAQs)

How long will it take before receiving funds from First City Monument Bank?

For FCMB customers, who make digital loan applications, funds can be advanced very quickly. Where applications are made at a branch, application times tend to be longer — especially when larger funds are needed.

How long do I have to pay back a First City Monument Bank loan?

FCMB can provide you with both short and long-term credit facilities. As a result, repayment periods vary.

How much can I borrow from First City Monument Bank?

FCMB can fund businesses of all sizes. The main factor that determines how much money you can access, is your company’s turnover.

What is the interest rate charged on a First City Monument Bank loan?

Interest rates are determined by the finance product on offer. For some loan products — FCMB does offer a single digit interest rate.

Does First City Monument Bank require collateral?

FCMB can advance funds with and without collateral. Generally, the amount of money that you can borrow with collateral — is far greater than without.

Banks usually accept at least some, or all of the following as collateral:

  • Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills etc.)
  • Obligations of state governments or agencies of the Federal Government of Nigeria
  • Other non-government debt instruments
  • Physical assets e.g. real property
  • Third party guarantors (or collateral)

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