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First Trader Solutions (FTS)
The FirstTrader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast-moving goods.
Loan Information
The FirstTrader Solution is a short-term overdraft/term loan facility offered to traders in pre-approved market locations and supermarkets who deal in fast moving goods. It comes in two variants: the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
What is the maximum amount accessible on FTS?
• Single Obligor limit is N20 Million, higher limits to be treated on a case-by-case basis.
• Term Loan for Traders
• Short-term working capital loans
- Provides opportunity for increased business turnover/volume through injection of additional funds.
- Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility
- Easy repayment plan
- No tangible collateral required.
To Apply for a First Trader Solution loan,
- Download the Retail Loan Application Form
- Complete the form and submit to the Retail Team at the nearest FirstBank branch
FAQs
The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods.
Tenor is either 90 days or 180 days
No collateral is required for the 90 days variant. Collateral for the 180 days variant shall be equitable mortgage on shop title documents.
Maximum loan amount is N5Million subject to a maximum of 15% of average annual credit turnover or 60% of quarterly credit turnover
Request can be made at any First Bank branch within 5km distance to the business location.
Applicant must have been in current account relationship with First Bank or any other reputable Bank for at least 12 months and have a good credit history. Also, daily sales proceeds should be domiciled to their First Bank account.
Pricing is competitive
