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Passionate about growing your business
Welcome to FirstBank SME Connect. At FirstBank, we are passionate about helping your business grow on all fronts. Beyond financial support, we offer you strategic advisory services, business seminars periodic updates as well as information that will guide you in growing your business. Our scope of SME services cover small/medium scale manufacturing firms, merchants (suppliers, distributors etc), professional firms(law, consulting, audit etc), agricultural , Churches, Mosques, NGO’s whose annual debit turnover is between N5M and N500M.

 

About SME

Small and Medium Sized Enterprises (SMEs) as defined by the Central Bank of Nigeria (CBN) are economically independent companies with about 11 to 300 employees and an annual debit turnover of between N5million to N500 million.

The main factors determining whether a company is an SME are::

  • Number of employees
  • Annual debit turnover

Why are SME important?

SMEs are responsible for the majority of new jobs created in Nigeria and they are crucial to Nigeria’s success in the global economy.

  • For Government, SMEs, contribute to wealth creation and generate tax revenues
  • In business, SMEs represent an important source of innovation
  • In the society, they are an important source of employment
  • They drive consumption at the lower levels because they operate in every sector of the economy
  • SMEs have extensive local knowledge of resources, supply patterns and purchasing trends
  • SMEs constitute an important source of local supply and service provisions to larger corporations.
  • They make significant contribution to the revenue profile of most financial institutions
  • SMEs stimulate growth and development within the economy

 

How do you classify an SME?

SMEs can be classified as follows:

  • Small/medium scale manufacturing firms.
  • Small/medium retail merchants (suppliers, distributors, etc.)
  • Professional firms (law, consulting, audit, etc.)
  • Small/medium scale agricultural firms.
  • Churches, mosques and NGO.

Key challenges faced by SMEs in Nigeria

  • Poor capital structure
  • High cost of production
  • Limited access to long term funds
  • Poor business continuity/succession plan
  • Weak value chain: supply, distribution, logistics, time to market etc
  • Poor managerial and technical skills
  • Lack of access to international markets
  • Sole Proprietorship
  • Labour intensive production processes
  • Keyman risk

 

How does First Bank SME Connect support SMEs in Nigeria?

  • First Bank is committed to providing the Nigerian SME’S with the support needed for growth
  • SME Connect is created to bring under one umbrella relevant resources, products and services aimed at helping SMEs in Nigeria.
  • First Bank has tailor-made products targeted at the specific needs of SMEs in Nigeria. These loan products have been designed for financing the activities of Small and Medium Enterprises (SMEs) under the U-First Scheme.
  • First Bank also provides Business Advisory and Support services and business oriented credit access
  • Location
  • Customer/market
  • Competition
  • Financing structure
  • Access/Availability of Raw Materials
  • Sales/cashflow projections
  • Marketing/Distribution/Logistics
  • Business Strategic Plan

For inquiries, financing and support, contact an investor.ng Financial consultant at: enquiries@investor.ng or call (+234) 080-9502-9999


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8 Responses to FirstBank SME Connect

  • I have a problem with my business.It is not growing due to insufficient found, how will i get assistance or support?

  • hello first bank, your vision for SMEs look laudable. I have a manufacturing company that in water and beverages duly registered and in operation but the capital to increase the turn over is the issue. How do we benefit from your SME support package. The company is based in Udi, Enugu State. My no. is 08023263641
    Thanks
    Victor

  • Her Sir, I am a vegetable farmer in Ikorodu area of Lagos. I grow vegetables such as carrrot, cabbage,lettuce, cucumber and soer local ones. I have one permernent employee and engage some other daily workers on weekly bases. I grow my crops without fertilisers but with manure.
    I need some financial assistance as in loan how can I a.c. access some from First bank SMEs programs?
    I will be highly grateful to hear from you.
    Yours faithfly,
    Eric
    08030898964

  • I HAVE LANDS I NEED TO DEVELOP FOR COMMERCIAL CAT FISH FARMING. I NEED FIRST BANK TO ASSIST ME FINANCIALLY
    TO ARCHIVE MY DREAM

  • What are the equipment

  • I own a sawmill located on portharcourt; 1 sawmill machine,1 high powered electric motor, 1 diesel generator for backup, rented workshop with good proximity.

    I produce wood for casting, decking, roofing, Woodworks etc. The business is very young but well positioned to acquire raw materials @ minimum cost to meet customers demand.

    I engaged 1 production manager, 2 operators, a truck driver(I don’t own the truck) and some unskilled labor to load/offload products.

    My challenges include but not limited to adequate funding, trucking/logistics, improved customer base etc.

    In order to minimize cost I handle the job sourcing for company supplies(lpo) & private individuals builders albeit I’ve no marketing background. So far so good.

    The business has a great potential to do much better because of the current construction boom within rivers state and neighboring states.

    How can first bank SME program benefit my business and how do I key in?

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