Polaris Bank has introduced a cashflow lending product for small and medium scale enterprises (SMEs) tagged: ‘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.

The bank explained in a statement that the initiative forms part of its continuous efforts to support the growth of small and medium scale 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 added.

Mrs. Adebimpe Ihekuna, group head, Products & Market Development, was quoted to have said: “The difficulty which used to characterise 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”

“To apply, existing and new customers of the bank should visit any Polaris Bank branch to complete the loan application process or send an email to designated email portal for assistance,” it added.

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