First Bank SME Products Financing Loan is a loan that has been specifically designed to aid the Small and Medium Scale Enterprises (SMEs) in starting up, expanding or improving their businesses. Available to Micro-Enterprises with turnover of N1m and below, the First Bank SME Products Financing Loan can be used to finance raw materials and/or finished goods to be sold in Nigeria or abroad.
What is an SME loan?
An SME loan is a loan given to small and medium enterprises (SMEs) by financial institutions in order to support the growth of businesses in Nigeria with required funds. In Nigeria, First Bank offers an SME products financing loan that can be used for various purposes such as Import Finance, Oil and gas contract finance, Cement Distribution Finance, Invoice discounting Finance, Bond & Guarantee, Telecommunications Distributorship Finance, FMCG key Distributorship Finance, Petroleum Dealership Finance, Operational Vehicles, Local Purchase Order Finance, Secured Overdraft, First Trader Solution (FST).
Process for Applying for First Bank SME products Loan
Applying for a loan from First Bank is a simple process that can be done online or at any branch of First Bank Nigeria . All you need to do is fill out the online application form with your personal and business information. Once you submit the form, a representative from First Bank will contact you to discuss your loan options. If you are approved for a loan, the money will be deposited into your account within 48 hours. The repayment period on all loans offered by First Bank is 12 months and at a specified interest rate. First Bank offers various payment options including automatic debit via bank transfer or cash at any First Bank branch.
First Bank SME Products Financing Loan in Nigeria Online Application: First Bank provides an online application system which simplifies the entire process of applying for a loan.
Who can apply for an SME Loan?
You can apply for an SME loan if you are a small or medium sized enterprise in Nigeria. One key requirement for the loan are that you have proof of business incorporation, that you have been in business for at least 2 years, and you have a good credit history.
To apply for the loan, you will need to fill out an online application form and provide some financial documents. Once your application is approved, you will receive the loan within 10 days.
Types of Loans Available at First Bank
First Bank offers a variety of loans for small and medium enterprises in Nigeria. The most common type of loan is the working capital loan, which can be used for everyday expenses such as Import Finance, Oil and gas contract finance, Cement Distribution Finance, Invoice discounting Finance, Bond & Guarantee, Telecommunications Distributorship Finance, FMCG key Distributorship Finance, Petroleum Dealership Finance, Operational Vehicles, Local Purchase Order Finance, Secured Overdraft, First Trader Solution (FST), inventory, salaries, and other operational costs. First Bank also offers term loans, which are typically used for larger expenses such as equipment or real estate purchases. In addition, First Bank offers lines of credit, which can be used for short-term financing needs. First Bank makes it easy to apply for these products by allowing you to submit an application online. If you prefer, First Bank also accepts applications over the phone.
First Bank provides a detailed list of what documents are required when applying for each product on their website. To apply for an SME product at First Bank, you must submit an application form and provide identification documents such as your driver’s license or passport. You may also need additional documentation depending on the type of loan that you are requesting. First Bank provides a list of requirements and how to apply on their website.
Documents Required for an Application
To apply for the First Bank SME Products Financing Loan in Nigeria, you will need the following documents:
1. A completed application form
2. A business plan
3. Financial statements for your business
4. Personal financial statements
5. Collateral (if required)
6. Company registration documents
7. ID card or passport
8. Proof of residence
9. Any other additional documentation that may be requested by First Bank Nigeria.