BizLoan is a short tenor working capital finance for small and medium enterprise with short or fast sales cycle. This is an FSDH initiative to empower businesses across different sectors. Interested businesses get up to #10million within 24 hours and make repayment across 6 months or less with no collateral needed.

Q: What is Biz loan?
A:  BizLoan is a short tenor working capital finance for small businesses with short or fast sales cycle

Q: Do I have to be a customer of FSDH Merchant Bank to apply for the Biz loan facility?

A:  Yes. To access BizLoan, you need to be a customer of the bank for at least 6 months or one month with twelve months bank statement with another bank

Q: What is the minimum and maximum loan amount I can get?

A:  Minimum amount is N2m, and maximum amount is N10m

Q: What is the maximum loan tenor?

A:  Six months.  Loan tenor can be one, two, three, four, five or six months

Q: How quickly will my loan request be disbursed?

A: Less than 24 hours after submission of all requirements

Q: What documentation is required?

A:  Biz loan application letter, executed offer letter, two satisfactory credit report, Board resolution (Limited liability) or Acceptance letter (Enterprise), Posted dated other-bank cheques or tokenized other-bank card.

Q: What is the interest rate?

A:  2.5% per month

Q: Are there other charges?

A: Yes, Management fee of 1% and Insurance fee of 0.5%

Q:  Is collateral required?

A:  No