The secured overdraft is designed to finance small- to medium-scale businesses with an annual turnover of ₦500 million and below.
This is designed to provide a secured overdraft for financing retail customers to meet working capital requirements of their various businesses.
Tenor: 12 months
- Trading Entities
- Manufacturing Companies
- Key Distributors/Sub distributors dealing in FMCG
FirstBank offers the Secured Overdraft Product to small and medium scale businesses with annual turnover of N500 million and below.
The amount any business organisation can get will ultimately be determined by the cashflow from their business evidenced in their bank statement of account.
Yes. The bank would require either real properties or treasury bills/fixed term deposit as collateral.
Yes. Properties that may be accepted as collateral must have either of:
- A Government issued Certificate of Ownership
- A registered deed of Assignment, Deed of Sub Lease or Deed of Conveyance
Yes. Subject to clear evidence of capacity to repay, however this is fully at the discretion of FirstBank
Kindly visit any FirstBank branch closest to you nationwide.