Secured Term Loans
This product is designed to provide organisations with finance to execute capital projects such as acquiring new technology, asset replacement, etc.
This product is designed to provide a structured term loan to SMEs to finance capital projects like new technology acquisition, asset replacement etc.
Tenor: 36 months
SMEs in all segments of the economy which includes but not limited to:
- General Trade,
- Oil & Gas
- Information Technology (IT)
FirstBank offers the Secured Term Loan Product to small and medium scale businesses with annual turnover of N500 million and below. The business account would be domiciled in FirstBank for the period of the loan.
The amount any business organisation can get will ultimately be determined by the cash inflow 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
These products may be availed by new customers of FirstBank with suitable cash flow.
Yes. Subject to clear evidence of capacity to repay, however fully at the discretion of FirstBank