faq1

You are curious, what benefits do I stand to enjoy as a business owner and a FirstBank customer? What product and service does FirstBank offer that can help meet my ever-increasing financial demands? In fact, how can FirstBank help my business grow and expand, helping me to succeed financially?

The good news? You’ve landed on the right web address!

FirstBank is more than just a bank, FirstBank is a strong and robust financial institution with lots of unique value offerings created for the growth of small and medium scale (SME) businesses in Nigeria.

Depending on the nature and needs of your business, you can choose from a variety of several product options available to you as an owner of a small and medium scale business.

1.   FirstEdu Loan

If you are a private school proprietor/proprietress and needs funds to build new classrooms, equip the school’s science laboratory, or buy new sets of computers for the computer lab. However, and sadly too, schools are on break and you have no access to school fees which would have allowed you execute these projects, this product is for you.

FirstBank, through this product, will offer you access to funds up to N10m to meet funding gaps pending the receipt of school fees and a convenient and flexible repayment plan of over 90 days. All that is required is just domiciliation of school fees with FirstBank and a minimum student population of 100.

2.   Local Purchase Order (LPO) Finance

If you run a service business where you supply consumables such as stationery, diesel, and toiletries to big organizations, you need not get worried and sick about meeting your supply orders because FirstBank’s LPO is specially designed for you.

LPO is a short-term loan that allows you access up to 70% of the cost to execute your supply with benefits such as flexible collateral structure, competitive pricing and quick Turn Around Time.

3.   Operational Vehicle

Mobility is the soul of every 21st century business. Wherever you wish to get to in the conduct of your business, FirstBank will help you get there.

With FirstBank’s Operational Vehicle Loan, you have access to up to N10million to acquire new vehicles for the day to day running of your business. That’s not all, the price is competitive, the repayment plan is flexible and can be spread over 36 months. It also comes with a comprehensive vehicle insurance policy.

4.   Contract Finance Facility

This loan facility is specially packaged for SME business owners that execute contracts for FirstBank-approved principals/companies. The Contract Finance offer is aimed at giving you a better experience in contract execution by access to funding up to 70% of estimated contract sum on a very flexible repayment plan. You also get the advantage of a competitive pricing and Quick Turnaround Time.

5.   Commercial Mortgage

The price of real estate has been steep over the years with rental costs reaching the rooftops. This is why FirstBank is offering you the opportunity of owning your business premises. This facility offers you flexibility of financing the acquisition of landed property for commercial purposes. Because we care about your business, the product comes with a Keyman Mortgage Protection Assurance + Comprehensive Insurance against Fire, Earthquake, and Tornado on the property when you apply for this facility.

Amongst the requirements for this loan is the proof that you’ve been conducting a successful business for a minimum of 5 years and that you a minimum of 6 months banking relationship with FirstBank.

6.   Secured Overdraft

This product relieves you of your cash flow worries by offering your retail business a loan up to N20 million with a flexible repayment plan spread over 12 months to enable you build up the working capital requirements of your business.

The collateral is legal mortgage over property in FirstBank acceptable locations or treasury bills/fixed. The facility is also renewable subject to good subsequent performance.

7.   Term Loan

This product offers you a structured mechanism through which you are able to finance and execute capital projects like new technology acquisition, construction of office complex, etc. subject to good cash flow.

How do you qualify for all these benefits?

All you have to do is be a FirstBank customer, owner a small or medium scale business with good turnover, and walk into any FirstBank branch with these documents:

  • A duly completed loan application form and customer’s letter of request
  • Favourable Central Bank of Nigeria (CBN), Credit Risk Management System (CRMS), Credit Reference Company (CRC) and CRS/XDS credit reports not later than one month from the date of issuance
  • Most current 12 months statement of account (where Customer’s account relationship with FBN is less than 1 year)
  • 12 months projected cash flow with necessary assumptions related to the specific projects
  • Business profile of principal officers of the company

The process is very fast as your application will be reviewed in a maximum of 48 hours.

With FirstBank, you have lots of options, you can also decide to choose from our variety of liability products:

8.   First Current Business Account

This is a fixed charge current account designed to address the needs of SME customer base with up to N50 million monthly debit turnover. It is a ZERO commission on turnover (COT) account with fixed monthly fee as low as N2,000. The account offers you the opportunity to access free financial advisory services. The product has three variants (Premium, Silver and Gold) defined by turnover limits and monthly fixed fee.

9.   First Exclusive Current Account

This is an interest-bearing current account created to cater for the needs of customers that are COT-averse. It offers customers the opportunity to run their businesses and earn interest on the same account and at no transaction cost (COT-free). You only require a minimum opening/operating balance of N100,000, a minimum turnover of N50 million and maximum turnover of N100 million to qualify for zero COT. The customer also earns interest at 1% per annum, enjoy limitless withdrawals, and also free online Banking access.

10. First Savings Plus

This is a savings account variant with features of current account and it incorporates convenient features for middle to high-end customers. The minimum opening/operating balance is N50, 000.00 with one (1) reference. It attracts a premium savings rate, cheque/dividend warrant lodgement, and allows third-party withdrawal through customized cheques in all FirstBank branches nationwide.

11. First Dom Plus

This is a dollar / pounds / euro denominated account that caters for the needs of importers, non-oil export businesses, bureau de change, embassies, expatriates, etc. The product has an attractive interest rate and transfer charges of 0 – 0.25% applies on account balances of $30,000 and above which means the higher the balance, the lower the transfer charges. Account holders can withdraw from any FirstBank branch.

Get started! Simply walk into any FirstBank branch spread across Nigeria today!!