Import Finance is a flexible short term loan that can help your business to manage cash flow from the date a supplier’s invoice becomes payable up to the point of settlement from the ultimate buyer. The two main types of important finance we offer are Letters of credit and Bills for collection.
What does it offer you:
- Provides greater flexibility and liquidity by bridging the gap between payment for imported goods and receipt of funds through subsequent sales.
- Allows you to make timely payments to your suppliers.
- Enhances your business reputation with potential to negotiate more favorable payment terms.
- Can be used to extend your credit period beyond the terms given by your supplier under Documentary Credits and Documentary Collections.
- Available through local funding (Naira) and offshore funding (foreign currency).
- Available for importation of goods.
- We help our customers to access short and medium term financing for their working-capital and asset-purchase needs.
- This is subject to a maximum tenure of 90 days at 5% interest rate per month with the option of roll-over to the next 30 days at 1% penal rate after the expiry of the facility.
- Principal does not exceed 70% of total contract sum.