FirstBank Empowers Small Businesses with U-First Products

Buoyed by constant innovation, FirstBank has progressively demonstrated that its product offering transcends the regular lending, deposits, trade and treasury products, to the development of financial solutions that enable business owners serve their clients efficiently. The bank’s introduction of specialized products designed to help small business grow and expand has been providing succor to entrepreneurs across the nations, empowering them to make informed financial decisions for sustained business success. FirstBank had in 2006 launched the “U-First” suite of products designed to equip individuals and entrepreneurs to realize their aspirations in their personal and business activities. Folake Ani-Mumuney, head, Marketing and Corporate Communications at FirstBank explained that U-First is a suite of retail and consumer loan products designed to enable individuals and small businesses meet their business and personal needs under a flexible repayment structure that is in sync with the best global practices. She said with the U-First loans, small business operators are empowered to take little steps that will ultimately grow their businesses. “Under the U-First umbrella, we have a set of homogeneous loans targeted at individuals and small & medium enterprises (SMEs). The set targeted at individuals are classified as Consumer Loan Products while those targeted at SMEs and entrepreneurs are classified as Retail Loan Products. Every product provides a unique opportunity for beneficiaries to effectively grow their businesses,” she added. FirstBank’s Retail ‘U-First Loans’ empower individuals and businesses to acquire assets and meet other financial needs at the best possible terms. These include Auto & Household Equipment Loans for individuals to purchase vehicles and home appliances respectively and Operational Vehicle and Office Equipment Loans for SMEs to purchase vehicles and equipment for use in the day-to-day running of the business. SMEs can also enjoy Short-term Loans & Overdrafts to meet their business expansion and working capital requirements, among others. U-First also offers LPO Finance, to empower businesses in executing job orders from corporate organizations. The beauty of the U-First products is that they are available and easily accessible to business operators in all FirstBank branches nation-wide. With this, the bank is helping individuals and SMEs live their dreams.