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Fidelity Bank, BoI launch flexible lending scheme for Aba leather workers’

Fidelity Bank Plc has keyed into the grow speed of leather works in the industrial city of Aba in Abia State by sealing a flexible lending scheme with the Bank of Industry (BoI).

The lending scheme known as Aba Finished Leather Goods Cluster Financing Programme (AFLGCFP), according to the bank in a statement, is part of a continuous effort to promote made-in-Nigeria goods that can meet global standards for export and local consumption.

According to the understanding, BoI would provide a N400m finance for the scheme which would be made available on a quarterly basis to over 300 members of the Leather Products Manufacturers Association of Abia State.

Fidelity Bank’s role in the deal is to serve as the disbursing agency, while the Ford Foundation will provide technical support to the artisans.

Explaining more on the funding scheme at the formal launch in Aba, the Managing Director/Chief Executive Officer of Fidelity Bank, Nnamdi Okonkwo, said the partnership with BoI further underlined the bank’s commitment to addressing the finance challenges confronting Micro, Small and Medium Enterprises in the country.

Represented by the Head of Corporate Banking, Fidelity Bank, Obaro Odeghe, Okonkwo averred that the loans would enable manufacturers to procure requisite materials and equipment for production and expansion.

Details of the disbursement strategies show that the bank would provide short-term loans with maximum obligor limits of N300,000 to N500,000 to qualified members of LEPMAAS.