The Health Finance Loan is targeted at registered pharmacies, private hospitals and other health care service providers. The purpose of the loan is to finance working capital, stocking of drugs and medical supplies, as well as purchase of hospitals’ medical equipment.
- Tenor is 180days for working capital and 3 years for asset finance.
- Pharmacies must be within 5 km from the requesting branch
- Daily charged savings of 0.5% for pharmacy credit facility
- Hospitals have no distance limitation or Charged savings, but loan must be secured with HMO domiciliation
- Interest rate is competitive
- No collateral is required for all working capital loan.
- Provides access to funding at competitive rate and flexible term.
- Provides equipment financing and opportunity for business expansion.
- Steady buildup of funds which enables efficient management of cash flow.
- No collateral required for working capital loan.
To Apply for an Health Finance Loan,
- Visit the nearest FirstBank branch
Frequently Asked Questions
Question: What is the Health Finance Loan?
Ans: The Health Finance Loan provides financing for registered pharmacies and private hospitals either for working capital or hospital equipment purchase.
Question: What is the tenor for Health Finance Loan?
Ans: Tenor is 6 months for working capital (pharmacies and hospitals) and 36 months for equipment purchase (hospitals only).
Question: What collateral is required to access the loans?
Ans: No collateral is required.
Question: What is the maximum loan amount accessible?
Ans: The maximum amount is N5million for pharmacies and N10million for private hospitals.
Question: What is required to access the Health Finance loan?
For Pharmacies – Registration with the pharmaceutical council of Nigeria and a practicing license of a pharmacist. Also, the pharmacy should have been in existence for a at least 2 years
For Hospitals – Registration with at least one reputable HMO and the hospital should have been in existence for at least 5 years
Question: Will an applicant be required to make an equity contribution when applying for a loan?
Ans: For Pharmacies -No
For Hospitals – 30% equity contribution for Hospital equipment purchase only.
Question: Is it compulsory for an applicant to have an existing account with FirstBank before applying for a loan?
Ans: No. But applicant must have been in a banking relationship with any reputable Bank for at least 12 months