{"id":171627,"date":"2024-04-15T12:28:07","date_gmt":"2024-04-15T12:28:07","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/04\/15\/first-national-bank-rolls-out-new-lending-solutions-for-smes\/"},"modified":"2024-04-15T12:28:07","modified_gmt":"2024-04-15T12:28:07","slug":"first-national-bank-rolls-out-new-lending-solutions-for-smes","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/04\/15\/first-national-bank-rolls-out-new-lending-solutions-for-smes\/","title":{"rendered":"First National Bank Rolls Out New Lending Solutions For SMEs"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong><em>Dinesh Fakir<\/em><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>First National Bank (FNB) has introduced a system-based tool to help micro, small and medium scale enterprises to easily access credit without the hassle of financial statement and documentations.<\/p>\n<p>The bank piloted the tool, known as the Scored Credit model for six months, with over 250 loans disbursed to eligible small and medium-sized enterprises (SMEs) over the last nine months.<\/p>\n<p>According to Statista, a German online platform that specializes in data gathering and visualization,SMEs in Ghana make up about 90% of companies, employ about 80% of Ghana\u2019s workforce and contribute about 60% to the nation\u2019s Gross Domestic Product (GDP). However, many SMEs are unable to access the finance they need to operate efficiently and scale up.<\/p>\n<p>\u201cAt First National Bank, our purpose beyond profit is to help, and that\u2019s why we have developed this unique proposition to help our customers to access credit at every stage of the business,\u201d says FNB International Chief Executive Officer, Dinesh Fakir.<\/p>\n<p>He emphasized that Scored Credit\u00a0is an\u00a0unsecured facility\u00a0that comes as an\u00a0overdraft\u00a0or\u00a0term loan with a flexible repayment tenor of up to 12 months. Because of minimal documentation, the cost of assessing this loan is cheaper and convenient to SMEs.<\/p>\n<p>\u201cThe\u00a0system-based approval tool\u00a0analyses the transactional behavior of First National Bank customers\u00a0who have operated their bank accounts for a\u00a0minimum period of six months\u00a0and have been in\u00a0operation for at least 12 months,\u201d Mr. Fakir says.<\/p>\n<p>Clients that have banked with First National Bank over six months\u00a0are eligible for Scored Credit. To apply, a customer has to place an official request to First National Bank, stating the amount, tenure and purpose of the facility. Customer can also contact the SME BizHub, the branch or the Call Center for guidance.<\/p>\n<p>\u201cWe have surprised many customers by informing them of pre-approved facilities through the scored credit base on their account operations with us says Mr. Fakir. \u00a0This is our commitment to growing and developing SMEs in Ghana. We provide the working capital support that enable businesses take the next step in their growth journey.<\/p>\n<p>One of the beneficiary business customers, Nancy Amoah, a project consultant at Donsi ViIllas, affirmed that one of their recent developments required resources and funding capital to help scale up and complete a project on schedule.<\/p>\n<p>\u201cWhen we engaged our bankers at First National Bank, they enrolled us onto BizHUB, their financial advisory service. They provided us with the financial advice and support that we are enjoying now. With their Scored Credit, they helped us throughout this project. We didn\u2019t have to worry about where the next funding will come from and we\u2019re thankful that we could rely on First National Bank at such a time,\u201d she said.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dinesh Fakir \u00a0 First National Bank (FNB) has introduced a system-based tool to help micro, small and medium scale enterprises to easily access credit without the hassle of financial statement and documentations. The bank piloted the tool, known as the Scored Credit model for six months, with over 250 loans disbursed to eligible small and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":171628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-171627","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First National Bank Rolls Out New Lending Solutions For SMEs - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/04\/15\/first-national-bank-rolls-out-new-lending-solutions-for-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First National Bank Rolls Out New Lending Solutions For SMEs - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dinesh Fakir \u00a0 First National Bank (FNB) has introduced a system-based tool to help micro, small and medium scale enterprises to easily access credit without the hassle of financial statement and documentations. 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