FirstBank-sme-contract-financing

The FirstBank’s Contract Financing Facility (CFF) product is a loan facility specially packaged for owners of small and medium (SME) business that execute contracts for FirstBank-approved principals. The loan facility will enable you fill up your funding gaps by providing you with 70% of your estimated contract sum under a very flexible repayment plan.

How do you get access to this loan facility?

When you are awarded a contract by any of FBN-approved principals, all you need do is apply in writing for the FirstBank’s CFF. The RM/BM will then further ask for documentations which confirm that:

  • You have been duly registered with Corporate Affairs Commission (CAC).
  • You have maintained an active account with a reputable bank for a minimum period of 24 months or 6 months with FirstBank.
  • You have been in the line of business for at least 2 years.
  • You have evidence of proven track records of executing similar contracts. Such evidences must include: contract award letters, job completion certificates, payment advices, etc.
  • You have positive CBN CRMS, CRC CRS/XDS credit reports.
  • You have collateral which in this case is your letter of domiciliation from the contract-awarding principal.

And upon provision of these documents, your request will be processed for approval or decline. The whole process is very fast; you will be duly notified of the approval and be presented an offer letter within 48 hours at the most. On execution of the offer letter and conditions precedent, the loan will be made available to you. The loan will be disbursed in tranches and in accordance with your contract.

Visit the nearest FirstBank branch today to start enjoying the benefits of FirstBank’s CFF.