May 27, 2019

Heritage Bank



Obligor Limit: N20, 000,000 (Twenty Million Naira)

Product Description: Finances shortfall in working capital for traders and manufacturers.


  1. Achieved monthly credit turnover of 150%
  2. Achieve 200% after disbursement
  3. Account to swing to credit in the review cycle.
  4. Collateral FSV cover should be 150% (130% for cash or money market instrument).


  • 1 year with 90 days cycle for Traders
  • 1 year with 120 days cycle for manufacturers
  • Facilities will be reviewed within 90 days or 120 days to ensure:
  • Turnover covenant is met
  • Account swings to credit at least once within approved cycle


  • Interest Rate: 25%-27% p.a.
  • Commitment Fee: 1% flat
  • Management Fee: 1% flat


  • Legal Mortgage with FSV of 150% collateral coverage of the facility amount, OR
  • Money market instruments with 130% cover.
  • Personal guarantee
  • Undertaking to domicile daily sales proceeds
  • Undated cheque with 150% cover.
  • Stock hypothecation and trust receipts


The Central Bank of Nigeria (CBN), in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy, launched the Micro, Small and Medium Enterprises Development Fund (MSMEDF) on August 19, 2014.

As one of the Participating Financial Institutions (PFIs), they have identified opportunities for Heritage Bank customers on this Fund.

Required Documents

  1. Application Letter – stating clearly Business Sector, Requested Amount and Tenor, Asset, last year turnover (if any)
  2. Board Resolution
  3. Heritage Bank Account
  4. Viable Business Plan with Cash flow Projection
  5. Letter of Authority to debit for CRMS Check
  6. Certificate of Incorporation or Registration & MEMART (as appropriate)
  7. Borrowers Contact – Business & Directors’ Addresses & Telephone numbers
  8. Collateral acceptable to Heritage Bank

Target Sectors

  • Manufacturing
  • Agricultural value chain activities
  • Educational institutions
  • Renewable energy/energy efficient product and technologies
  • Any other income generating enterprise as may be prescribed by the CBN

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