First National Bank relaunches unsecured business loans
By the AFREEQUE newsroom, based on Ghanaiantimes
First National Bank is relaunching unsecured business loans, pre-approved based on the banking data of eligible companies, to finance their working capital and expansion. Mark Achiampong, the bank’s head of commercial and business banking, presents the offer as a way to facilitate small and medium-sized enterprises’ access to credit.
First National Bank, a bank operating in Ghana, has reintroduced an unsecured business loan facility pre-approved by its system to help eligible businesses finance their working capital and expansion. Mark Achiampong, the bank’s head of commercial activities and business finance, announced the measure, reports the Ghanaian Times.
Eligibility is based on each company’s transaction behaviour, financial performance and risk profile. The facility also includes overdraft facilities and is aimed particularly at small and medium-sized enterprises with limited collateral or insufficient financial records, according to Mark Achiampong.
The bank asks businesses to keep accurate accounts, deposit their revenues regularly and manage their accounts properly. These elements are intended to establish a financial history to assess their creditworthiness and facilitate access to credit, the official explained.
