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Secured Overdraft
The secured overdraft is designed to finance small- to medium-scale businesses with an annual turnover of ₦500 million and below.
Loan Information
This is designed to provide a secured overdraft for financing retail customers to meet working capital requirements of their various businesses.
Tenor: 12 months
Target Market:
- Trading Entities
- Manufacturing Companies
- Key Distributors/Sub distributors dealing in FMCG
- Competitive Pricing
- Flexible Collateral Structure
- Customer can access up to 20% of their last 6months credit turnover
- To meet monthly and quarterly Principal’s target
- To boost customer’s monthly revenue target
- To expand business and enhance visibility
- Assists businesses in management of cash flows.
- Retail businesses may obtain funds for their immediate working capital needs, while they later clean up with subsequent cash receipts.
- Convenient repayment plan (structured in line with expected cash flow).
- Business should be duly registered with Corporate Affairs Commission
- Customer must have been in business for at least 12months
- Customer must have maintained an active account with either FirstBank for minimum of 6 months or 12 months with other banks. Account(s) must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.
- Application letter on customer’s letter head
- Duly completed Retail Loan Application Form. Click here for form
- Visit any FirstBank branch to submit letter and form to Branch/Business Manager to get started
FAQs
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.
