Bank of Industry (BOI) has designated FIC Professionals Network Plc as a Business Development Service Provider (BDSP) to guide and support Small and Medium Enterprises seeking financing to package their applications.
The BDSPs are vehicles designed to support the bank’s core mandate of providing long-term financial and business support services to micro, small, and medium projects.
The Board of the Bank recently approved a mid-term 2025-2027 corporate strategy plan to drive its operations.
The strategy focused on 18 initiatives that would be executed to place the bank as a market leader and indeed affirm it as the most successful development financing institution in sub-Saharan Africa.
As part of its support to boost the operations of businesses across the country the bank in 2024 disbursed more than N120 billion to MSMEs.
The Bank recently met with all its BDSPs in view of the new Corporate Strategy to discuss their roles and expectations from them.
As a BDSP, FIC is expected to:
●Identify credible SMEs that require finance
●Assist in developing bankable business plans toward accessing finance
●Provide post finance services such as mentorship and financial advice, and encourage SMEs to imbibe corporate governance
●Support the development of synergies and linkages with large enterprises, industrial buyers, and sellers along the value chain.
According to Mr. Segun Shonubi, the Executive Director, FIC Professionals Network Plc, in a statement, the FIC is currently presenting applicants for the N75 billion Small Enterprises Intervention Sector Fund, which is part of the N200 billion Federal Government MSME Intervention Fund that the bank has been appointed as the executing agency to disburse.
