First Bank of Nigeria Contract Finance
First Bank of Nigeria Contract Finance
Contract Finance
This product is designed to help you fund bigger contracts from FirstBank-approved list of companies; for easy execution without challenges.
More Information
Features
- Obligor must be the primary contractor of the Principal (not Sub-contractor).
- Maximum facility tenor of 6 months, with an option of renewal over a maximum of 3 months.
- Facilities above N50m will require an additional FirstBank acceptable security.
- Loan amount not to exceed 70% of estimated total cost of executing the contract, 30% of which must be evidenced as customer’s equity participation.
- Terms & Conditions apply.
Benefits
- Access to finance to finance for smooth contract execution.
Accompanying Documents
- Contract Papers issued by the company awarding the contract.
- Bill of Quantity for the contract to be executed.
- Evidence of previous similar contract(s) executed by Contractor.
- Evidence of relevant government agency approval for contract.
- Any other documents that may be required by the bank.
Who Can Apply
- SMEs with annual turnover up to N3billion.
How to Apply
To Apply for a Contract Finance ,
- Download the Retail Loan Application Form
- Complete the form and submit to the Retail Team at the nearest FirstBank branch
Frequently Asked Questions
1) What nature of contracts will the bank finance?
We will finance a variety of legitimate contracts awarded by Government Parastatals and reputable private organisations in the country operating in the different sectors and contracts with varying levels of complexity. However, the approvals will be given at the sole discretion of the bank. Kindly approach any FirstBank branch on how to structure the facility.
2) What amount can a customer obtain under this product?
FirstBank will readily finance contracts up to the tune of N50 million under this product, nonetheless, contracts above this amount will be considered on a case by case basis.
3) What is the repayment pattern for this facility?
Repayment pattern for this facility is quite flexible and is as agreed between the organisation awarding the contract, the contractor and FirstBank.
4) Can Supply contracts be financed under this product program?
Supply contract are to be financed using another of the bank’s products known as LPO Finance.