In our last article, which was used to break the news of the launch of four (4) new Fidelity Bank loans for SMEs and MSMEs in Nigeria, we promised to explain the new four loan schemes in our subsequent articles. If you are yet to read that article you can still locate it on this website for a fantastic read.
In keeping to the promise made in the first article about the Fidelity Bank PLC’s new four loan schemes, this article will focus on explaining the loans for a better understanding of our wonderful readers, who have always visited this website for authentic and timely information. We promise we will not relent on our effort to serve you the best on profitable information.
Without delaying you, let delve into the business of this moment. Note, again, that this article is about Fidelity Bank PLC, and it is about loan, SMEs, MSMEs and business growth in Nigeria. It is also about entrepreneurship and entrepreneurs.
Now, what are the Four New Loans Launched by Fidelity Bank PLC?
1. Commercial Support Short Term Loan (CSSTL)
The Commercial Support Short Term Loan (CSSTL) is also called Cluster-Based Quick Loan. It is a 90-day (3months) working capital finance loan for Medium and Small-Scale Enterprises (MSMEs) doing business in fast selling consumer goods.
2. Commercial Support Overdraft Loan (CSO)
The Commercial Support Overdraft Loan (CSO) is a 30-day overdraft to Medium and Small-Scale Enterprises (MSMEs) to help them meet their momentary funding needs by depending on their proven history of account activity with Fidelity Bank PLC.
3. Specialized MSMEs Segments Loans
The Specialized MSMEs Segments Loans is more elaborate compare to the other kinds of the newly launched loan. This is because it is sub-divided into Fidelity Private Medical Support Scheme, Fidelity Eduloan, and Fidelity Pharmacy Loan. These sub-divisions will be extensively discussed in another article for the purpose of clarity.
4. Development Finance Loan
The Development Finance Loan was birthed by Fidelity Bank PLC on the backdrop of the successes recorded in its many interventions in the MSME development environment. Fidelity Bank is a leading taking part Financial Institution (PFI) in the Development Bank of Nigeria (DBN) On-Lending scheme for SMEs and Small Corporates.
Okay! That is all about the four newly launched loan schemes by Fidelity Bank PLC. Our next articles will focus on each of them separately. You will also learn about the requirement for qualification and the method of application.