COVID-19 : Wema Bank’s Collateral-free Loans For SMEs Application

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Wema Bank has launched collateral-free loans for Small and Medium Enterprises SMEs to assist businesses negatively affected by the coronavirus pandemic.

In a statement, the bank confirmed that the new product is in tandem with the bank’s efforts to help businesses pull through the economic hardship triggered by the world health crisis.

The latest SME loan products aim to support enterprises in need of working capital with up to N10 million without collateral.

For businesses in such segments as the general trade / trade, schools, drugs, hospitals, clinics and diagnostics centres, this facility is available.

Business segments

This facility specifically targets businesses 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.

“The bank is also 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 Managing Director/CEO Wema Bank, 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.”

See also : How To Access The N75bn Nigerian Youth Investment Fund (NYIF Loans)

Recall that the bank earlier suspended loan repayments for SMEs for three months with effect from April 1st, 2020, to mitigate the crippling effects of the COVID-19 pandemic on small and medium scale business across the nation.

Interested in the loan? Approach any of Wema bank’s branch offices for any further details you might need.

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