SME Business

Business accounts to help you grow

This product is designed as a short-term working capital facility granting customers access to funds against their account receivables

Key Features

  • Maximum facility amount of  N500 million 
  • Available for 3 months only
  • Attractive Interest rate
  • Multiple invoices can be discounted subject to maximum limit.

Requirements

  • Customer must have executed a job or made supplies directly to acceptable counterparties and is expecting payment as verified by the relationship manager
  • Customer shall be a direct recipient of expected payment from the acceptable counterparty and not a sub-contractor except there is evidence that the contract employer is aware of such sub-contract and has accepted to make payment to the sub-contractor
  • Letter of undertaking to domicile proceeds from business operations with SunTrust Bank
  • The acceptable invoice(s) must be valid i.e. not older than 30 days and should have been endorsed /accepted for payment by the counterparty
  • Discount value of each invoice shall not exceed 70% of the net value (less VAT) of the invoice subject to a maximum limit of N500million
  • Clean credit reports

This product allows Bank customers use cash deposits (FCY/LCY), FGN Securities and/or investments provided by either themselves or third parties known to them as collateral for credit facilities. 

Key Features

  • Tenor of up to 12 months.
  • Negotiable Interest rate

Requirements

  • Executed letter of set-off and cash/investment collateral agreement.
  • Where the tenor is longer than one year or investments have shorter tenors than the facility, the customer shall be required to provide a rollover instruction on the investment collateral over said period
  • Clean credit reports shall be available

This product is usually required by contractors with valid/signed contracts to aid part finance the purchase of resources that would be used for the execution of the contract.

Contracts could be to make supplies against Purchase Orders or to execute construction works.

Key Features

  • There must be a valid contract from a pre-approved list of contract employers.
  • 12 months tenor.
  • Contribution is between 20- 30% of the cost of executing the contract.
  • Attractive Interest rate 

Requirements 

  • Six-month Bank statement
  • Employment of independent consultant to monitor the contract execution – cost to be borne by the customer.
  • Customer must not be on the Bank’s PDO list and must have clean credit reports

We offer you an array of options to help you purchase your assets of choice without any hassle from the Bank’s prequalified vendors.

Enjoy the ease our Asset Financing provides.

Features

  • Competitive interest rates
  • Tenor of up to 48 months for automobiles and 24 months for other assets.
  • Only brand-new assets can be financed under this product offering. However, where the asset is a vehicle, fairly used models that are not older than 5 years, may be financed
  • Where the asset is for use by a business, the asset to be financed must be suited to the line of business.

Requirements

  • Must be a confirmed staff of your organization, except if self-employed
  • If self-employed, must have been in active business for at least 24months
  • Letter of undertaking to domicile proceeds from salary (individuals) and business operations with SunTrust Bank.
  • Six-month Bank statement
  • Clean credit reports must be provided.
Head Office
  • 1, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos State

  • +234 (01) 2802141-4

Lagos Island
Abuja Regional Office
Rivers Office
  • 16B Trans Amadi Industrial Layout, Nwaja Junction, Port Harcourt, Rivers State

  • +234 (01) 2802141-4

Akwa Ibom Office
  • No 13, Road 1, Abak Road, Federal Housing Estate, Uyo, Akwa Ibom State

  • +234 (01) 2802141-4