Fidelity supports traders with soft loans, security

Fidelity Bank Plc has provided soft loans and security for traders in the Trade Fair complex, Lagos, as part of its Corporate Social Responsibility (CSR).

This, according to the bank, is in line with the identified needs of marketers in the premises, especially the Auto Spare Parts and Machinery Dealers Association (ASPAMDA) and Association of Progressive Traders (ATP).

According to the lender, the initiative will facilitate access to funds and boost productivity.

The bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo, said the meeting was held to ascertain the traders’ needs and proffer immediate solutions.

“This is part of our customers’ engagement to provide products that address their needs. This market constitutes a significant part of our balance sheet and this we appreciate,” he added.

On the quick loan product that will begin in August, Okonkwo said: “Based on the loan needs we identified today, we would deploy facilities that allows people with recommendations from the association access to loans. The association will serve as collateral and the traders’ support facility.”

He added that the bank would provide security vehicles for the market, which are worth millions in valuation, noting: “We had meeting with the state government on partnering with the traders here and ensure ease of business.”