Polaris Bank has introduced a cash flow lending product for Small and Medium Enterprises (SMEs) tagged, Polaris Business Loan.
The facility offers both existing and new SME customers of the bank the opportunity to access quick loans for stock replacement, equipment finance, working capital and business expansion to sustain and scale-up in their business.
This forms part of the lender’s continuous efforts to support the growth of small and medium scale businesses.
The bank noted that the loans can be used for a wide range of purposes such as stock replacement and purchase of raw materials, renovation and expansion, asset acquisition etc.
SMEs who take the business loans are also eligible to access free tailor-made capacity building training, which is offered periodically by the Polaris Business Advisory Academy.
In a statement issued by the Bank, the Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna, said:
The difficulty, which used to characterize one of the challenges faced by SMEs in accessing funding for their business is now a thing of the past, adding that the bank does not only offer loans but financial advisory; as well as empowerment programs on business intelligence.