This product is designed to provide a structured and controllable mechanism through which FirstBank may provide overdraft to retail organisations in all segments of the economy to finance working capital requirements of the business.
- Maximum amount is N20 million
- Maximum tenor of 12 months
- Collateral – Legal Mortgage over property in FirstBank acceptable Locations or Treasury Bills/Fixed Term Deposit
- Assists businesses in management of cash flows
- Supports business growth and expansion
- 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)
- Competitive interest rates
- Application letter
- Duly completed Loan Application Form
- Proforma Invoice from FirstBank approved vendors
- Company Profile
- Current ultility bill
- Latest audited account
- Six (6) months Bank statement
- Other KYC requirementsfor opening a corporate account
Who can benefit from this facility?FirstBank offers the Secured Overdraft Product to small and medium scale businesses with annual turnover of N500 million and below.
How much can be obtained under this product programme?The amount any business organisation can get will ultimately be determined by the cashflow from their business evidenced in their bank statement of account.
Would the bank require any form of collateral?Yes. The bank would require either real properties or treasury bills/fixed term deposit as collateral.
Must properties to be used as collateral have valid title documents?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