Reviews
Agricultural & SME Loans Updated: 07. 10. 2026

First Bank SME Loan – review 2026

3,9 / 5

First Bank of Nigeria provides SME loan products to small and medium enterprises, covering working capital, equipment finance and trade finance. First Bank has one of the largest branch networks in Nigeria, making its SME lending accessible across all 36 states.

Pros

  • Designed specifically for working capital and business growth needs
  • Some lenders use transaction-data scoring rather than collateral alone
  • Can fund inventory, equipment purchase or short-term trade finance
  • Available to registered small and medium enterprises across sectors

Cons

  • Usually requires registered business documentation (CAC registration)
  • Larger facilities may still require collateral or a personal guarantee
  • Approval can take longer than consumer loans due to business due diligence

First Bank SME Loan provides working capital and growth financing to small and medium enterprises through First Bank of Nigeria. First Bank's extensive branch network across all 36 states makes this SME facility widely accessible. The product is aimed at registered businesses that need funds for inventory, equipment, trade finance or expansion rather than personal consumption.

Loan terms

Facilities typically range from ₦500,000 to ₦20,000,000, with interest generally quoted between 20% and 30%, depending on the business's trading history, cash flow and the security offered. Many SME lenders use bank statements and transaction data rather than just collateral to assess creditworthiness, so confirm the specific documentation required with First Bank of Nigeria before applying.

Note: the specific rate and amount figures above are general-market indicators, not confirmed from this lender's current published rate card -- always verify the exact rate, amount and fees directly with the provider before applying.

Requirements

  • CAC business registration and valid means of identification
  • Business bank account statements, typically 6–12 months
  • A basic business plan or description of intended fund use
  • BVN of the business owner(s) or authorised signatories
  • Collateral or guarantor for larger loan amounts, where required

Provider contacts

Website
Online application
Apply now →
Regulator
Central Bank of Nigeria (CBN)

Information in this review is based on publicly available sources and is for informational purposes only. Finatino.com is not a financial product broker. Before signing any contract, we recommend reading the provider's terms and conditions.