Local Purchase Orders (LPOs) Finance
This involves the provision of short-term finance to small and medium scale retail customers to carry out supply orders.
- LPO finance is subject to a maximum tenor of 90 days with the option of 60 days renewal after the expiry of the facility.
- Loan Amount does not exceed 70% of cost of supply.
- Irrevocable Tripartite domiciliation of agreement in respect of Contract proceeds executed by beneficiary company, FirstBank and the employer company.
- The employing company must be on the FirstBank list of Principals.
- Gives customers ability to carry out supply orders within a given time frame
- Gives customers access to working capital
- Supports business growth and expansion
- Contribute to nations GDP
- Customer’s application letter
- Letter from Employer confirming the Invoice and stating details / time of payment
- Valid means of identification (National ID, International passport or Drver's License) of prime mover or 2 of the company directors for limited liability companies
- Six (6) months statement of account
- LPO supply paper
- Letter of domiciliation of contract payment from Employer Company