One of Nigeria’s biggest money deposit Bank, Polaris Bank, has launched a banking product for Small and Medium Enterprises (SMEs), the new product is called Polaris Business Loan.

The new product forms part of Polaris Bank’s continuous efforts to support the growth of small and medium scale businesses.

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 their business.

The Polaris Business loan can be used for a wide range of purposes such as stock replacement and purchase of raw materials, renovation and expansion, asset acquisition, etc.

READ: Detailed List of CBN Loans and Fund Interventions For SME Businesses and Agriculture – Plus Application Guidelines

The Bank Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna, In a statement issued, said: “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 does not only offer loans but financial advisory; as well as empowerment programs on business intelligence.”

SMEs who take the business loans are also eligible to access free tailor-made capacity building training, which is offered periodically by the Polaris Business Advisory Academy.