BANK OF NIGERIA BUSINESS BANKING

SECURED TERM LOANS

The designed loan facility is to provide retail organizations like with finance to execute capital projects like acquiring new technology, asset replacement etc.

Features

• 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 First Bank acceptable Locations or Treasury Bills/Fixed Term Deposit.

Benefits

• Assist businesses manage cash flow.
• Retail businesses may obtain funds for capital projects while repayment is done on installments.
• Convenient repayment plan (equal monthly or quarterly repayment over 36 months period).
• 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.

Qualifications

• SMEs with annual turnover up to N3billion.

OPERATIONAL VEHICLES

Get the Operational Vehicle loan as part-finance to purchase new vehicles for your business. Only to be used for the day-to-day running of the business only & not for commercial transportation.

Features

• Maximum loan amount of N10 million.
• Maximum tenor of 36 months.
• Minimum equity of 30%.
• Vehicle must be purchased from a First Bank approved vendor.
• Insurance policy on the vehicle.

Benefits

• Supports business growth and expansion by giving beneficiaries the opportunity of purchasing the vehicle with ease.

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.

CONTRACT FINANCE

This product is designed to help you fund bigger contracts from First Bank-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 First Bank 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.

Required Documents

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

Qualifications

• SMEs with annual turnover up to N3billion.

FIRSTEDU LOAN

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

Features

• Tenor is up to 90 days.
• Maximum Loan Amount is N10m.
• Collateral is undertaking to domicile school fees with First Bank.
• School must have been in account relationship with First Bank for a minimum period of 9 months.
• Available only to private schools that are duly registered with CAC.
• School must have a minimum student population of 100.

Benefits

• Convenient means to finance working capital needs.

Required Documents

1. Evidence of Government Approval of school.
2. School Memorandum and Articles of Association (MEMART) where applicable.
3. Documents showing how long school has been in the business.
4. Documents showing the number of students in the school.
5. Any other documents that may be required by the bank.

Qualifications

• Private pre-primary, primary, secondary schools, A’ level Tuition Providers registered with both State Ministry of Education and Corporate Affairs Commission.

REVENUE LOANS AND OVERDRAFT

With this credit facility, you can withdraw, within a specified tenor, agreed amounts, exceeding the credit balance in your current account. This provides your business with extra short-term funds within a short notice, ensuring that you have funds in place and available immediately in case of the unexpected happen.