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May 27, 2019

FIRST BANK OF NIGERIA BUSINESS LOANS

 

LOCAL PURCHASE ORDERS FINANCE

Meet all your customers’ orders in time and never run out of stock with the Local Purchase Order Finance. This loan facility is designed to provide short term financing to small and medium scale retail customers with annual turnover of N500 million and below facility to carry out supply orders.

Features        

  • LPO finance is subject to a maximum tenor of 90 days with the option of 60 days renewal after the expiry of the facility.
  • Loan Amount does not exceed 70% of cost of supply.
  • Irrevocable Tripartite domiciliation of agreement in respect of Contract proceeds executed by beneficiary company, First Bank and the employer company.
  • The employing company must be on the First Bank list of Principals.

Benefits

  • Gives customers ability to carry out supply orders within a given time frame.
  • Gives customers access to working capital.
  • Supports business growth and expansion.
  • Contribute to nations GDP.

Required Documents

  1. Customer’s application letter.
  2. Letter from Employer confirming the Invoice and stating details / time of payment.
  3. Valid means of identification (National ID, International passport or Drver’s License) of prime mover or 2 of the company directors for limited liability companies.
  4. Six (6) months statement of account.
  5. LPO supply paper.
  6. Letter of domiciliation of contract payment from Employer Company.

Qualifications

  • SMEs with annual turnover up to N3billion.

SECURED OVERDRAFT

The secured overdraft is a loan type designed to finance small to medium scale retail businesses with an annual turnover of N3billion and below. No matter your business type, they can provide you with the working capital requirements of your business with this facility.

Features

  • Maximum amount obtainable is N20 million.
  • Maximum tenor of 12 months.
  • Collateral – Legal Mortgage over property in First Bank acceptable Locations or Treasury Bills/Fixed Term Deposit.

Benefits

  • Assists businesses in management of cash flows.
  • Supports business growth and expansion.
  • Retail businesses may obtain funds for their immediate working capital needs, while they later clean up with subsequent cash receipts.
  • Convenient repayment plan (structured in line with expected cash flow).
  • Competitive interest rates.

Required Documents

  1. Application letter.
  2. Duly completed Retail Loan Application Form.
  3. Proforma Invoice from First Bank approved vendors.
  4. Company Profile.
  5. Current utility bill.
  6. Latest audited account.
  7. Six (6) months Bank statement.
  8. Other KYC requirements for opening a corporate account.

OFFICE EQUIPMENT LOAN

The Office Equipment Loan gives you access to a part-financing plan, up to N5,000,0000, that allows you to purchase equipment for office use only such as such as laptops, generators, computers, photocopier, furniture etc for your business.

Features

  • Minimum loan amount of N100 000.00.
  • Maximum loan amount of N5 million.
  • Maximum tenor of 18 months.
  • Minimum Equity of 30%.
  • Asset financed is strictly for office use.
  • Asset must be purchased from a First Bank approved vendor.

Benefits

  • It offers flexible repayment options.

Required Documents

  1. Application letter.
  2. Duly completed Retail Loan Application Form.
  3. Proforma Invoice from First Bank approved vendors.
  4. Company Profile.
  5. Current utility bill.
  6. Latest Audited Account.
  7. Six (6) Months Bank Statement.
  8. Other KYC requirements for opening a corporate account.

To Apply for any of these Loans,

  • Download the Retail Loan Application Form
  • Complete the form and with the accompanying documents, submit at the nearest First Bank branch

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