Cash Flow Lending
Working capital to help meet your short term business needs.
Features
- No collateral required
- Affordable interest rate
- Maximum tenor of 12 months
- Maximum loan amount of N10M*
- Open to registered** & unregistered businesses
Documentation Required
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Invoice for goods to be purchased-if applicable
- Executed Board resolution to borrow and detailing who will operate the account/ loan (for limited liability companies only)
- Evidence of tenancy / ownership of business location (this includes copies of rent receipts, title documents etc.)
Local Purchase Order
We provide you with short term funding for jobs issued by approved counterparties.
Features
- Affordable interest rate
- Maximum Tenor is 90 days
- Maximum amount of N50M
- Equity Contribution of 30% is required
Documentation Required
- Copy of Purchase Order which must be valid
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Executed Board resolution to borrow and detailing who will operate the account/ loan (for limited liability companies only)
- Domiciliation instruction (non – changeable without prior approval of credit signatories) in favour of UBN must be in place. Account detail on the letter should be for the collection account
Invoice discounting Finance
Quick cash flow for your business needs before your clients pays.
Features
- No collateral required
- Affordable interest rate
- Maximum amount of N50M.
- Maximum Tenor of 90 days (in line with invoice payment date).
Documentation Required
- Copy of Invoice which must be valid
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Executed Board resolution to borrow and detailing who will operate the account/ loan (for limited liability companies only)
- Domiciliation instruction (non – changeable without prior approval of credit signatories) in favour of UBN must be in place. Account detail on the letter should be for the collection account
Asset Finance
This product allows our customers acquire assets such as operational vehicles, office equipment and generators
Features
- Maximum Tenor is 48 months
- Equity Contribution of 30% is required
- Loan amount is dependent on business cash flow
- No collateral is required. Asset being financed is the collateral for the loan
Documentation Required
- Cashflow statement
- Customer’s request letter
- Audited Financials(if applicable)
- Proforma Invoice of asset to be financed
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Other documents will be required subject to what we are financing
Term Loan
SME customers can access Long term finance to finance the expansion of a business
Features
- Collateral required
- Maximum Tenor is 48 months
- Loan amount is dependent on business cash flow
Documentation Required
- Cashflow statement
- Customer’s request letter
- Audited Financials(if applicable)
- Proforma Invoice of asset to be financed
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Other documents will be required subject to what we are financing
Overdraft
Manage fluctuations in your cash flow and respond to emergencies. This product provides funding for SME customers to meet their cashflow needs and bridge shortfall of working capital
Features
- Collateral required
- Loan amount is dependent on business cash flow
- Maximum Tenor is 12 months with 90 days clean up cycle
Documentation Required
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Customer’s request letter
- Account statements from other banks-if applicable
- Valuation report of property to be pledged as collateral
- Audited Financials (if applicable)
- Other document will be required subject to what we are financing
Intervention Funds
Financing working capital needs, asset acquisition and business expansion
Types
- Development of Nigeria (DBN)
- Bank of Industry(BOI) – Women in Business
- CBN MSMEDF
- CBN AGSMEIS
- CBN Real Sector Support Financing (RSSF)
- CBN Commercial Agricultural Credit Scheme (CACS)
- CBN Non-oil Simulation Scheme (NESS)
- CBN Anchor Borrower Programme (ABP)
- CBN Creative Industry Financing Initiative (CIFI)
- CBN Maize Agricultural Scheme (MAS)
Documentation Required
Documents required for MSMEDF, BOI, DBN, NESF, CACs, ABP, & CIFI
- Customer’s request letter
- Company registration
- Cashflow analysis
- Audited financials-if applicable
- Valuation report of property to be pledged as collateral
- Legal Mortgage over suitable property to be pledged as collateral
Documents required for AGSMEIS
- EDI certificate
- Business plan
Short Term Finance
Financing for SMEs for restocking of goods from specific suppliers.
Features
- Collateral required
- Equity Contribution of 30% is required
- Maximum Tenor is 12 months with 90 days clean up cycle.
Documentation Required
- Copy of Corporate Affairs Commission (CAC) registration certificate
- Customer’s request letter
- Account statements from other banks-if applicable
- Valuation report of property to be pledged as collateral
- Audited Financials (if applicable)
- Other document will be required subject to what we are financing
SME Solutions
At Union Bank, we have tailored solutions designed to help grow SME business.
Point of Sale (POS)
POS terminals facilitate the payment and receipt of money using credit/debit cards at the point of sale.