Application is open for First Bank FirstTrader Solution Loan. This is a short-term overdraft facility offered to traders in pre-approved market locations and supermarkets who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant)
Features
- Available to traders that deal in fast-moving goods
- Tenor is either 90 days or 180 days.
- Minimum loan amount is N5 Million.
- No collateral is required for the 90 days variant
- Collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of the facility amount.
- Requires opening of a charged Savings Account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
- 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
- 1% of the loan amount daily throughout the tenor of the 90 days facility.
Benefits
- Provides opportunity for increased business turnover/volume through injection of additional funds.
- Steady build-up of funds which can be used to either pay back the loan or ploughed back into the business upon liquidation of facility
- Easy repayment plan
- No tangible collateral required
How to Apply?
To Apply for a First Trader Solution loan,
- Download the Retail Loan Application Form
- Complete the form and submit to
- Or to the Retail Team at the nearest FirstBank branch
