Conventional Term Loans and Overdrafts

As a FirstBank Customer, individual or corporate, if your agricultural business profile falls outside retail or special government intervention funds specification, this loan facility is designed to offer credit facility to business like yours.

Features

  • Maximum tenor of up to 5 years.
  • Minimum single obligor limit of N10m.
  • Interest rate is the prevailing commercial lending rate.

 

Benefits

  •  Flexibility: the structure, tenure and transaction dynamics can be customised to accomodate all types of agricultural projects.

 

Who Can Apply

  • Medium&Large Corporate (Minimum single Obligor limit of 10m).

 

Required Documents

  • Formal application for a credit Facility.
  • Certificate of Incorporation & Memorandum and Article of Association.
  • Board Resolution to Borrow.
  • Feasibility Study/Business Plan.
  • Business plan including cash flow projection with assumptions, marketing plan, repayment plan, draw down schedule, Profit & Loss and Balance Sheet projections.
  • Title documents of property being pledged for the lending.
  • Audited or management account for the past 3 financial years.

To take up our facilities, contact the Agric Finance Desk through Email on:

agric@firstbanknigeria.com

                   Frequently Asked Questions 

1) What is the scheme about?

  • Credit facilities for medium and large scale agricultural businesses whose profile fall outside retail or special government intervention fund product specification.

2) Who Can Participate?

  • Enterprises that are engaged in agricultural/agro-allied businesses (medium, large enterprises, corporate and institutional banking clients).

3) What is the interest rate?

  • This is dependent on the commercial rate availed by each business unit and not fixed. It is communicated after assessing your project needs.

4) How do I qualify for this facility?

  • Your project should not be a start-up.
  • Minimum single obligor limit of N10m.
  • Collateral includes landed property with EFSV of 130% of facility limit, lien on assets/commodity being financed, all assets debenture on assets and Guarantee of Promoters/Directors for the bank’s exposure.
  • No record of non-performing loans with any financial institution.

5) What are the required documentations?

  • Formal application for a credit Facility.
  • Certificate of Incorporation & Memorandum and Article of Association.
  • Board Resolution to Borrow.
  • Feasibility Study/Business Plan.
  • Business plan including cash flow projection with assumptions, marketing plan, repayment plan, draw down schedule, Profit & Loss and Balance Sheet projections.
  • Title documents of property being pledged for the lending.
  • Audited or management account for the past 3 financial years.

6)Can a business name apply?

  • You have to be a registered incorporated company having a management structure with minimum experience of 3years.

7) Can I apply at any branch? 

  • Yes, you can walk in to the nearest FBN branch to apply

8) How soon can I get my loan approved? 

  • This depends on different variables like; your business plan, cash flow, swift provision of accurate documentations and adequate collateral.

9) How soon can I get the facility after approval?

  • This depends on meeting the conditions precedent to draw down of the fund.

10) Can I get a longer tenor for my facility?

  • Tenor is not fixed; it however depends on cash flow projections. Maximum tenor is 5 years.

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FirstBank Privacy Policy for IBM DNA E-Learning

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We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

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FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

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To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

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