Firstbank increases businesses with your temporary over -abolition product

In a dynamic financial panorama, often unpredictable as Nigeria, the ability to access funds at critical moments makes a difference. For entrepreneurs, financial agility is often the key to unlocking growth and success. With fluctuating prices and unexpected financial policies, many companies in recent times have been found in the need for short -term financial solutions to maintain their business working without problems. Recognizing this challenge, FirstBank of Nigeria Limited, a pioneer in innovative financial solutions, redesigned the Retail Temporary Overflow (RTOD) as a lifeguard to empower companies with a fast and flexible cash flow support that can significantly train business owners, allowing them to navigate the complexities of business management more easily.

The retrieval overwhelming (RTOD) is aimed at providing customers with a flexible temporary overflow to meet urgent commercial financial needs. Rtod’s characteristics include:

• Access to monthly N5Million subject to 10% of 6 months of credit billing from sales
• The interest rate is competitive and is subject to changes in money realities
• NO TANGABLE COLATERAL IS REQUIRED
• The tenor of the facilities is 30 days, and this can be accessed up to 12 times in a year.

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The benefits of this installation include assistance in the growing business volumes that position SMEs for the limits of the highest facilities. It is useful in emergency situations to meet urgent commercial needs. No tangible guarantee is required to obtain the loan, and is available throughout the year once the existing installation is reimbursed within 30 days. The interest rate is cheaper due to the tenor of the shortest installation.

SME with regular cash flow that have maintained an account with FirstBank for a minimum period of six [6] The months or 12 months in any other commercial bank are eligible for this installation. The drawable amount in this installation is N5Million monthly, subject to 10% of the last credit billing of customers. The refund is automatically deduced from accounts receivable (sales or commercial earnings) in the borrower account within the stipulated time. To apply, customers must show interest by contacting the FirstBank SME advisor or request online by sending the required documents. The approval could be as fast as 24 hours in cases where the client meets all criteria.

To ensure that customers can maximize the given opportunities and enjoy the maximum billing, the loan figure is worldwide N5 million for qualified customers that show a good quick reimbursement history and also meet the stipulated criteria.

There are many clients who have been able to change their businesses with the help of this installation, such as Mr. Isola, the first Champion Five Limited engine, a food retailer who approached FirstBank for funds to increase its working capital and increase production. The Bank provided an N5Million over -date installation with a 30 -day possession that was made available to it for 12 months. With financing, Champion Five Limited could increase production by 50% and expand its customer base and use more personnel. The company has continued to grow by leaps and bounds.

The FirstBank Retanese Temporary Overflowing Product has been so shocking for the businesses of male and female entrepreneurs. This contributed to the Bank’s achievements, where he was honored with two highly prestigious awards at the Asian Banker Excellence in Retail Financial Services Awards 2024. The awards, presented by the Asian banker, Crown FirstBank as the best SME bank in Nigeria and the best Pyme Bank in Africa, a testimony of the institution of the institution of the institution to empower Banks (SMEs) in the excellent excellent and the best excellent in the Sys bank in Africa.

Also read: Awards Asian Banker: FirstBank maintains the domain in the SME bench in Nigeria, Africa

The Asian Banker awards are widely recognized as one of the most competitive and rigorous of the global banking industry. The evaluation process is strict, focusing on several key performance indicators, including the provision of services, customer experience, financial performance and innovation in retail banks. With an extensive panel of experts that examine the history of each institution, the recognition of FirstBank as the main SME bank in Nigeria and Africa indicates its excellent leadership and vision in the African financial industry.

As the backbone of Nigerian and African economies, SMEs play a crucial role in the impulse of employment, innovation and economic growth. However, they often face significant obstacles, especially in obtaining adequate financial support. This is where FirstBank intervenes, not only as a traditional banking partner, but as a facilitator and defender of the sector.

With its range of financial products focused on SMEs, from deposit products, loan packages to custom advice services, FirstBank has distinguished itself as a leader in providing SMEs with the resources they need to prosper.

The bank First The initiative is designed to support companies to access capital, manage cash flow and navigate business development complexities in a competitive market. This commitment is what won the main recognition of FirstBank in the Asian Banker Awards.