A range of retail products offered by First Bank of Nigeria Limited are intended to improve the operations and survival of diverse businesses around the nation.
The offerings, Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF), and Commercial Mortgage (CM), will increase enterprises’ ability to meet both short-term and long-term demands, which is necessary to continuously influence the socioeconomic growth of the nation.
The purpose of CM is to provide established small and medium-sized firms with the finance they require to purchase commercial real estate. This product is set up to use the building itself as collateral to finance the purchase of commercial spaces such as offices and warehouses.
The product is intended for SMEs in a variety of industries around the nation, including accounting, technology, law, and other specialized fields, and has competitive pricing, a tenor of 60 months, flexible payback terms, and flexible collateral structure.
Customers must have been in business for at least five years and have kept an active account with FirstBank or another reputable bank for at least six months in order to be eligible for the product.
OVF is designed to offer partial financing to make it easier to buy brand-new vehicle(s) necessary for carrying out day-to-day business operations. Depending on the brand of the car, the flexible tenure comes in two variations: one to 24 months and two to 36 months.
The product is also intended for small and medium-sized businesses (SMEs) and business owners in all economic sectors with verifiable cash flows because they will benefit from it more in maintaining the flow of goods from one place to another.
The customer must have been in business for at least 12 months and have kept an active bank account with FirstBank for at least six months or with another bank for at least 12 months in order to qualify for the service.
Filling stations with a DPR license can use PDF to get working capital financing for buying kerosene (DPK), gasoline (PMS), and diesel (AGO).
This solution makes it easier to get access to financing options for affordable goods purchases. There is also a 12-month facility duration with a N20 million cash flow financing option.
The solution bridges the clients’ liquidity gap while also assisting in the ongoing restocking of goods and offers access to up to N20 million without the need for physical collateral.
By consistently growing turnover through credit financing, the solution also offers the chance to expand both business volume and margins.
Customers who are interested in the product must have a current DPR license and have an account with FirstBank or another bank for at least six months in order to be eligible to use it. The account must have been successfully run without a history of returned checks or prior default on the facility or facilities issued, and the dealer must have been in operation for at least 24 months.
Folake Ani-Mumuney, Group Head of Marketing and Corporate Communications at FirstBank: “As a bank that is woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”
