.   Press "Enter" to skip to content

How To Access All First Bank Business Loans

Are you searching for how to get a business loan, cash for property development or refurbishment? Are you looking to purchase new machinery/equipment to give your business a boost?

Whatever your business plans is, First Bank business loans are designed to meet your business needs. We also have financing options for all your other needs including: medical Bills, Local Purchase Orders School fees e.t.c.

First Bank loans come in a variety of forms, each with competitive rates and flexible terms:

 Available Business Loans at First Bank Nigeria Plc

 

*SECURED OVERDRAFT

No matter your business type, this business loan is designed to finance our small and medium scale retail customers, to support their  working capital requirements.

The secured overdraft is a loan type designed to finance small to medium scale retail businesses with an annual turnover of N3billion and below.

Features

  • Maximum amount obtainable is N20 million.
  • Maximum tenor of 12 months.
  • Collateral – Legal Mortgage over property in FirstBank 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.

Accompanying Documents

  • Application letter.
  • Duly completed Retail Loan Application Form.
  • Proforma Invoice from FirstBank approved vendors.
  • Company Profile.
  • Current ultility bill.
  • Latest audited account.
  • Six (6) months Bank statement.
  • Other KYC requirementsfor opening a corporate account.

Who Can Apply

  • SMEs with annual turnover up to N3billion.

How to Apply for First Bank Business Loan : See business loan application link at the end of this post

How To Access All First Bank Business Loans

*CONTRACT FINANCE

This business loan is designed to help you fund bigger contracts from FirstBank-approved list of companies; for easy execution without challenges.

Features

  • Obligor must be the primary contractor of the Principal (not Sub-contractor).
  • Maximum facility tenor of 6 months, with an option of renewal over a maximum of 3 months.
  • Facilities above N50m will require an additional FirstBank acceptable security.
  • Loan amount not to exceed 70% of estimated total cost of executing the contract, 30% of which must be evidenced as customer’s equity participation.
  • Terms & Conditions apply.

Benefits

  • Access to finance to finance for smooth contract execution.

Accompanying Documents

  • Contract Papers issued by the company awarding the contract.
  • Bill of Quantity for the contract to be executed.
  • Evidence of previous similar contract(s) executed by Contractor.
  • Evidence of relevant government agency approval for contract.
  • Any other documents that may be required by the bank.

Who Can Apply

  • SMEs with annual turnover up to N3billion.
  • How to Apply for First Bank Business Loan : See business loan application link at the end of this post

How To Access All First Bank Business Loans

* SECURED TERM LOANS

Does your business have an annual turnover of N500 million and below? We have designed this loan facility to provide retail organisations like yours with finance to execute capital projects  like acquiring new technology, asset replacement etc.

  • Maximum amount is N40 million.
  • Maximum tenor of 36 months.
  • The facility is limited to 50% of the last six (6) months turnover.
  • Collateral – Legal Mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit.

*SME PRODUCTS FINANCING

As a Small and Medium Scale Enterprises (SME) that deals in oil and gas, cement distributorship, importation etc. these loans facilities will support the growth of your business with required funds.

We believe that SME are key drivers of the economy, which is why we have designed products and services that create solutions for your business’ growth and sustainability.

Discover more about our SME Products Financing:

Import Finance

The product is targeted at FirstBank customers who are involved in the importation of raw materials or finished goods.

Oil and Gas Contract Finance

The product is designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of FirstBank.

Cement Distributorship Finance

The product provides flexible short term business loan to meet working capital needs of the distributors of major manufacturing cement companies.

Invoice Discounting Finance

The product is targeted at contractors who have supplied goods/services or executed contracts for which invoices have been duly accepted for payment.

 

Bonds & Guarantee

The Bonds & Guarantee product is targeted at FirstBank customers who are contractors to major companies that require guarantees from a bank

Telecommunications Distributorship Finance

Product is designed to provide finance for Telecoms Distributors to enhance distribution and sales of merchandise goods.

Petroleum Dealership Finance

Provides finance for stock of white petroleum products to existing or new customers who are registered members of IPMAN and authorized dealers

Fast Moving Consumer Goods (FMCG) Key Distributorship Finance

Provide a structured finance to distributors of FMCG principals to meet working capital needs.

How To Access All First Bank Business Loans

*LOCAL PURCHASE ORDERS FINANCE

Need funds to carry out supply orders for your small to medium retail business? Meet all your customers’ orders in time and never run out of stock with this loan facility.

*OPERATIONAL VEHICLES LOAN

Get the Operational Vehicle loan as part-finance to purchase new vehicles for the day-to-day running of your business.

*FirstEdu Loan

The FirstEdu loan is available to Private schools owners who require extra funds for the smooth running of their school operations.

*REVENUE LOANS AND OVERDRAFT

With this credit facility, you can draw, within a specified tenor agreed amounts, exceeding the credit balance in your current account.

*FIRST TRADER SOLUTION (FTS)

The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods.

*Health Finance Product Guideline

This is a product guide for financing Registered Pharmacies and Private Hospitals.

*FIRSTADVANCE PRODUCT

FirstAdvance is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries. The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.

Maximum amount accessible is N500,000.00 subject to 50% of net average 3months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via our digital channels: FirstMobile & USSD.

Features

  • Salary account must be domiciled with FirstBank
  • Loan amount of up to 50% of net monthly income.
  • Tenor is 30days or next pay day [whichever comes first]
  • Maximum single obligor limit of N500,000.00
  • Interest rate @ 2.5%flat collected upfront
  • Management fee @ 1.0% flat
  • Credit Life Insurance @ 0.50%
  • FirstAdvance is an enhanced and improved version of Digital SODA.
  • The loan can be accessed up to 3 times a day subject to maximum eligible amount
  • The Risk Acceptance Criteria for FirstAdvance is automated.
  • Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
  • All fees, including Interest rate are collected upfront upon disbursement of the loan.

*Health Finance Loan

The Health Finance Loan is targeted at registered pharmacies, private hospitals and other health care service providers.

*Micro Small and Medium Enterprises Development Fund

If you own a micro, small or medium agricultural enterprise, this loan facility is a special intervention fund provided by the CBN to support your business.

You get this loan at a low interest cost and enjoy long-tenured repayment structure; to assist your business in enhancing capacity for employment generation, growth and economic development.

Trusted customers of FirstBank seeking to expand their agri-businesses using low priced credit facilities as made possible under the scheme can benefit from this loan.

Features

  • Maximum obligor limit is N50m.
  • Maximum tenure is 5 years.
  • Management experience of at least 3 years in the enterprise to be funded is required.

Benefits

  • Interest rate: 9% (all-in), no other fee can be charged.
  • Credit facility is available either as term loan or overdraft.

Required Documents

  • Formal application for a credit Facility.
  • Certificate of Incorporation.
  • Memorandum and Article of Association (MEMART).
  • Board Resolution to Borrow.
  • Feasibility Study/Business Plan.

Who Can Apply

  • SMEs with at least 3yrs Mgt Experience (Max obligor limit of N50m).

CONCLUSION

For more information on How To All Access First Bank Business Loans, please kindly visit any of the First bank branch near you or visit their website.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *