Free Access To Email Exclusive ContentGet notified and be the first to know when new & hot content drops
HomeLoansSmall Business Loans for Women in Nigeria

Small Business Loans for Women in Nigeria

Date:

Are you looking for small business loans for women in Nigeria? You are at the right place. Almost everyone is now involved in one business or another, and while some women are thriving as entrepreneurs already, there are still many who do not have enough money to take their businesses to the next level. But do you know you can scale up your business with loans specifically designed for women?

These loans are more accessible, little or no collateral is needed, and they have very low interest rates. So, if you are looking to start a small business in Nigeria or have started one already and are looking to invest more in the business, here are 5 small business loans for women in Nigeria that you should consider. 

See also: How to Qualify for GTB Loan

5 Small Business Loans for Women in Nigeria

Small Business Loans for Women in Nigeria
Source: iStock

Z-Women Loan

The Z-Women loan is offered by Zenith Bank; it’s one of the most flexible and highly beneficial small business loans for women in Nigeria. Aside from the funding they offer, female entrepreneurs will also have access to skill acquisition training and free exhibiting through the Z-Woman account. 

This loan offers up to ₦10M with a repayment period of 12 to 24 months and a 9% interest rate per year. You can pay back in monthly or quarterly instalments.

Requirements

  • The applicant must be a Zenith Bank customer.
  • Credit checks
  • Evidence of business registration (CAC).
  • A valid ID card.
  • BVN.
  • The business must be female-owned with at least 55% shareholding.

Supported Businesses

How to Apply

  • Visit any Zenith Bank branch close to you.
  • Go to customer support and ask for the Z-women’s account opening form.
See also  How to Start a Thrift Business in Nigeria

See also: How to get a Loan From UBA Bank

W Power Loan

The Women Power loan offered by Access Bank plc in partnership with Enterprise Sustainability Growth (ESG) is one of the not-so-many fantastic small business loans for women in Nigeria. The loan is designed to provide financial support and access to credit facilities for women starting their businesses and those looking to upscale their existing businesses. 

The W Power loan is granted in two forms: a loan for acquiring assets and capital to buy raw materials or settle the daily expenses of running a business. So, you will pick the one that best describes your financial needs. 

W Power loan offers ₦5M to ₦10M with a repayment tenor of 12 to 36 months. The interest rate depends on your shareholdings, and you must own at least 50% of the business.

Requirements

  • Credit checks.
  • Valid means of identification.
  • Must have at least a 30-days-old corporate account.
  • Completed loan application form.
  • 20% equity contribution for tier 1 and 2.
  • Must have BVN.
  • Must be ready to attend W Power Academy for a training session.
  • Credible guarantor.
  • Evidence of business registration (CAC).
  • 15% equity contribution for tiers 3 and 4.
  • Evidence of legal business address.

Supported Businesses

  • Fashion.
  • Agriculture.
  • Education.
  • Healthcare.
  • Catering. 
  • Beauty/style.
  • Eateries.
  • Information technology.
  • Manufacturing. 
  • Tourism and others

How to Apply

  • Visit the closest branch of the Access Bank in your area.
  • Get the W Power Loan form and fill it out.
  • Submit the form and await their response.
Small Business Loans for Women in Nigeria
Source: iStock

The Firstgem Fund

The Firstgem loan offered by First Bank is a single-digit loan designed exclusively to help women reach their entrepreneurship goals and contribute to the socio-economic growth of the country. The loan is available to all female-owned and partnered small businesses. It fosters women’s empowerment through finance programs like financial literacy, savings culture, investment portfolio building, and wealth management. 

See also  How to get Loan From UBA Bank

This loan offers ₦500,000 to ₦3M based on each customer’s eligibility, and it has just a 9% interest rate per year. Also, the loan is collateral-free with a repayment tenor of 12 to 24 months. 

Requirements

  • The business must be an all-women-owned and led small or medium-sized enterprise.
  • Evidence of business registration (CAC).
  • At least 51% female ownership.
  • Must have BVN.
  • Credit checks
  • Valid ID.

Supported Businesses

  • Food/beverage processing & packaging.
  • Confectionaries.
  • Beauty and cosmetics.
  • Transportation.
  • Catering and restaurants.
  • Agric/Agro-Allied (retail value chain). 

How to Apply

  • Visit the First Bank website.
  • Download and fill out the loan application form.
  • Submit the form at any branch of First Bank closest to you. 

See also: How to get a Fidelity Bank Loan – Step-by-step Guide

Business Fund for Women

The business fund for women is sponsored by the Bank of Industry (BOI), but the loan was designed by the Federal Ministry of Women Affairs and Social Development (FMWASD) to help women in business get access to credit facilities to expand an existing business or to bring a new idea to reality.  

The application for this loan is made through the BOI.

Requirements

  • A woman must own the business.
  • Credible guarantor.
  • Valid means of identification.
  • Must have BVN.
  • Credit check.
  • Evidence of legal business address.
  • Evidence of business registration (CAC).

Supported Businesses

  • Healthcare.
  • ICT and Engineering.
  • Agro-processing.
  • Food processing.
  • Creative industry.
  • Fashion.
  • Gas & petrochemical.
Small Business Loans for Women in Nigeria
Source: iStock

SheVentures

SheVentures is another one of the most accessible small business loans for women in Nigeria; it is offered by First City Monument Bank (FCMB) for women who are either planning to start a new business or already have an existing business. 

See also  How to Start a Wig and Hair Business in Nigeria

This loan is designed to help ease women from the stress and challenges of accessing funds for their business in Nigeria; it offers up to ₦100M, depending on the business size. The loan repayment tenor is 4 years, and it has a zero interest rate for the first 3 months; then, you will pay 13% per annum after the initial 3 months. 

Requirements

  • Credit checks.
  • BVN.
  • Evidence of business registration with the CAC.
  • Valid means of identification.
  • Evidence of legal business address.

Supported Businesses

  • Agriculture.
  • Healthcare.
  • ICT and engineering.
  • Fashion.
  • Gas & petrochemical.
  • Beauty and cosmetics.
  • Transportation.
  • Catering and restaurants.
  • Food/beverage processing & packaging.

How to Apply 

  • Visit the FCMB website
  • Fill out the form for the SheVentures loan.

See also: Microfinance Bank Loans – Easy Way To Access Microfinance Bank Loan

There are just a few financial institutions in Nigeria that are willing to specifically support women in business. While there are many general ways to get funding for your business, it is not easy because so many people (men and women) are already seeking these funds, and you may have to deal with collateral, high interest rates, short repayment tenor and so on. 

Therefore, it will be best to seize any of these flexible loan opportunities to start the business of your dreams or expand your business to the desired level.

Free Access To Email Exclusive ContentGet notified and be the first to know when new & hot content drops

Trending

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recommended for you

Free Access To Our Email Exclusive ContentIn investing, what is comfortable is rarely profitable.

Join thousands of subscribers benefiting from our exclusive premium content on savings, investing, small business, marketing, real estate, e-commerce, and logistics.