N-Power salary isn’t enough for women in business or those interested in opening their own venture. The need for capital is extremely high in Nigeria, but sadly, one of the most difficult things for ladies to obtain in Nigeria is loan. But Afriupdate have collated loan opportunities that female N-Power beneficiaries can apply for.
While there are many loan apps that have made taking loans easier than it used to be years ago, commercial banks are still the only lenders in the financial sector that have created loan opportunities especially for women interested in credit to support their businesses.
There are several banks involved in this women-focused loan opportunities; Access Bank, GTBank, First Bank, and Standard Chartered.
With the CBN directive issued to banks to increase their loan provision ratio to Nigerians, obtaining a loan has never become easier for female N-Power beneficiaries in need of credit to support their side hustle.
Businesses That Qualify For The Bank Loan
Women interested in the loan must have a business operating in fashion, restaurant, entertainment, creche, primary and secondary school, as well as retail pharmacies. To obtain the loan from the aforementioned banks, female N-Power beneficiaries must have or open an account in their preferred bank’s.
Below Are Bank Loans For Female N-Power Beneficiaries
First Bank’s First Gem: Ladies in the N-Power programme can also apply for this loan as it is tailored for womenpreneur. First Gem is a low-cost loan package that comes in two requirements for Savings and Current accounts.
These two accounts come with different requirements. For the opening of the savings account, N-Power beneficiaries can use NGN100, while for Current Account, the minimum opening balance is NGN5,000 for individuals and NGN10,000 for a company.
To know more about other requirements needed to gain access to the First Gem loan, click this link.
Access Bank’s ‘W’: Unsurprisingly, the ‘W’ stands for women. This loan package is fully known as ‘W Power Loan’, ‘Womenpreneur Pitch-A-Ton’ and ‘W Initiative’ – these are financial opportunities Access Bank created for women operating their own business.
Female N-Power beneficiaries can take advantage of the various financial package to grow their side hustle. ‘W Power Loan’ is used to purchase equipment or buy raw materials for the business. Women can access at least NGN100 million in a year, but the loan Carrie’s 15% interest rate.
But such a business must earn NGN5 million as minimum annual turnover. While for ‘Womenpreneur Pitch-A-Ton provides a grant of about NGN10 million to businesswoman from the age of 18-year-old and above. To find out more about Access Bank ‘W’ series financial package requirements, click this link.
Standard Chartered’s Diva Club: For female N-Power Beneficiaries to benefit from this financial package from Standard Chartered, they need to have a Diva Club savings or current account. It cost NGN50,000 to open Diva Club account – which serves as a minimum opening balance.
Diva Club account allows the members to seek a loan. The Diva Club also takes care of mortgage facilities. Note that by joining the Diva Club, whenever your balance drops below NGN100,000, such members will pay NGN1 for maintenance fee per mile. To know more about the requirements and opportunities available in the Diva Club, click this link.
GTBank: This bank also have several loan opportunities for which female N-Power beneficiaries can apply for. The GTBank loan package is divided into various options; Small and Medium Enterprises Quick credit, Food Industry Credit, and the Creative Industry Financing Initiative (CIFI).
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The loan packages all have different interest rates. For Education segment, it is 1.33% per month, Healthcare accounts for 1.75%, Food is 9% (0.75%) per annum. While the loan tenor or due date is six months for Healthcare, 12 months for education, and 180 days for Food.
Note that you can obtain 50% of the average annual turnover. To know more about the loan packages and their requirements, click this link to know more.
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Thanks this minister