Polaris Bank has introduced a cash flow lending product for Small and Medium Enterprises (SMEs) named, 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 the business.
In a statement, the bank said the product is aimed at its continuous efforts to support the growth of small businesses.
“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 trainings which is offered periodically by the Polaris Business Advisory Academy,” it stated.
According to the bank’s Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna “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 do not only offer loans but financial advisory; as well as empowerment programs on business intelligence”