Wema Bank launches collateral-free loans for SMEs

Wema Bank has launched collateral-free SMEs’ loans to assist businesses negatively affected by the coronavirus pandemic.

In a statement, the bank said the product is in line with the bank in its quest to support the fight against the global health crisis.

The SME loan products support businesses in need of working capital finance up to N10 million without collateral.

This facility is available for business owners who are 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.”

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.