The product is designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of FirstBank.
- It is self-liquidating: The facility is contingent upon receipt of contract proceeds after successful completion of milestone.
- The facility is short tenured: The facility tenure is mostly between 90-360 days depending on the contract being executed.
- The bank provides up to 70% of cost of contract execution and not cost of contract value.
- The product has essentially domiciliation of contract proceeds as the sole comfort except where facility is in excess of N50million for Project Finance which must be secured with tangible collateral.
- Increased profitability.
- Contract Documents.
- Financial statement (audited).
- Evidence of past job(s) executed (copies of payment advice).
- Customer’s application Letter.
The product is available to both new & existing customers of the Bank who can apply through any of the FirstBank branches.