Fidelity Bank Partners International Agencies Over N500m SMEs’ Fund
In a bid to strengthen the non-oil sector, Fidelity Bank Plc is partnering international funding agencies and venture capitalists to provide N500 million funding for Small and Medium Enterprises. Nnamdi Okonkwo, the bank’s Managing Director, stated this at the 250th edition of the Fidelity Bank SMEs programme in Lagos. Okonkwo said the bank was partnering venture capitalists and angel investors to organise ‘Fidelity Bank SME Funding Fair’ aimed at providing funding for SMEs to strengthen economic growth and development. An angel investor is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. Okonkwo said the funding would come in the form of equity participation and debt financing among others, noting that details of the fair would be made public at the right time. He explained that the two-day funding fair scheduled for September would provide an avenue for SMEs to meet international funding fir...