Yemi had gone to bed with hopes to wake up to a promising day and smooth business operation, only to wake up to a shocking news- the Dollar-Naira exchange is now 1,805 Naira to 1 Dollar!
As an entrepreneur, who sells and distributes tubers of yams in major markets in the country, Yemi is devastated by this news because of the effect this will have on the price of buying more yams and even the ripple effect of this on the cost of transportation. Yemi is not just faced with the reality of a more than doubled cost of purchase, his budget is seriously affected by this outrageous change.
The above is a glimpse into the minds and daily ongoings of the average business owner/manager in Nigeria.
Running a business comes with its fair share of challenges and success. From adjusting to new policies to navigating market fluctuations, seizing growth opportunities, etc., entrepreneurs are constantly on their toes, striving to ensure that things go well; and one of the key things that they push for is ensuring financial stability. This particular area is one challenge that SMEs have to grapple with.
Nigeria’s SMEs account for 96% of the total number of businesses in the country and contribute about 50% to the national GDP. Despite their significant contribution to the Nigerian economy, these businesses still face challenges including managing cash flows, access to funding, etc., that hinder the growth and development of the sector.
A study shows that 63% of small and medium-scale businesses around the world consider managing cash flow their top challenge. Whether you’re a retailer, service provider, or manufacturer, having the financial capacity to respond to market changes can be a game-changer. Short-term financing is the key to maintaining smooth operations during lean months and capitalizing on peak seasons.
Also, small and medium-sized businesses identify a lack of funding as a barrier to growth. Imagine having a chance to tap into a new market or launch an innovative product line. However, without access to timely capital, these opportunities may slip through your fingers. However, with Short-term financing, these businesses are empowered to seize these growth avenues without compromising their current operations.
Introducing the FSDH Short-Term Loan
Every business understands one language- Capital. At FSDH, we understand this language, and we are here to support you every step of the way. This is why we have loan facilities like the FSDH Short-Term Loan to cater to businesses like yours. The FSDH Short-Term Loan offers a fixed interest rate (2.5% monthly), for business owners who are customers of the FSDH Merchant Bank. This loan allows business owners access to a fixed loan amount of ₦10million to fund their business.
By leveraging the right financial tools, business owners can set their businesses up for remarkable success, and we are here to see that they achieve it.
To access our Short-Term Loan, click here, and let’s partner with you today.
