Business

COVID-19: Wema Bank unveils collateral-free SME loans

Wema Bank Pl has made available SME loan products that are collateral free to support businesses in a bid to continue in its responsibility to support fight against the ongoing global health crisis. According to a statement from the bank, businesses in need of working capital finance can get up to N10 million without collateral to meet their short-term business needs.

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 noted that following the recent donation of palliatives to several affected communities, Wema Bank has now intensified efforts to mitigate the impact of the coronavirus pandemic by also providing these products to assist businesses that are negatively affected and in need of fund. The bank is 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.

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