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4 Types of Loans for Women in Nigeria: Check Eligibility Requirements And Application Process

Last Updated on February 11, 2021 by Ope Quadri

Do you know that there are loans that are specifically designed for women in Nigeria for them to build, expand, and grow their businesses?

In this post, we’ll share with you funding opportunities for female business owners in Nigeria. If you want to stabilise the home, empower a woman, boost her business, support her financially in her entrepreneurial skills or business.

A former Secretary-General of the United Nations Late Kofi Annan recognised the importance of women in development when he said:

“There is no tool for development more effective than the empowerment of women.

The market is highly competitive, only a few sectors give women the opportunity to breed in the business world. So which funding is exclusively designed for women?

Credit Facility for Female Business Owners

  1. WPower By Access bank
  2. ZWomen by Zenith Bank
  3. SheVentures By FCMB
  4. Business Fund For Women by BOI

Let’s go on a drive on how the eligibility requirements and how exactly you can apply to be one of the beneficiaries of the above loans.

WPower Loan

  • Credit facility: N5M-N10million
  • Term: 50% female ownership
  • Tenor: 12-36 months
  • Eligibility: At least 1 year of existence
  • Interest Rate: Depends on % of female shareholdings

Women Power loan by Access Bank Plc was launched in partnership with Enterprise.Sustainability. Growth. (ESG) a few years ago, but only a few people know about this.

WPower was designed to providing access to loans and credit facilities for women with an existing business or just starting off with a brilliant business idea.

This loan is granted in two broad areas: 1) term loan to acquire asset, 2) working capital to buy raw materials or settle other daily operating expenses of the business.

Supported businesses:

If your business belongs to any of the below sectors, you can get Access bank’s WPower loan:

  • Agro-processing,
  • Fashion,
  • Healthcare
  • Hospitality
  • Tourism,
  • Education,
  • Information technology
  • Healthcare
  • Catering
  • Agrodistribution
  • Eateries,
  • Manufacturing,
  • Beauty & wellness,
  • Agropackaging

Eligibility requirements:

  • Must have at least 30-day old Corporate Account
  • Evidence of business registration (CAC)
  • Evidence of legal business address
  • 20% equity contribution for tier 1 and 2
  • 15% equity contribution for tiers 3 and 4
  • Credible guarantor
  • Must have BVN
  • Means of Identity
  • Must be ready to attend W academy, a training section
  • Completed loan application form
  • Credit checks

Under the WPower loan, you can get access to credit facility as much as N10,000,000 and at least N5,000,000, depending on the category you belong, which the bank calls tier:

  • Tier 1: N100Million
  • Tier 2: N50 Million
  • Tier 3: N20 Million
  • Tier 4: N5Million

Application process:

  • Approach the closet Access Bank to you
  • Obtain the WPower loan form
  • Fill and submit

You would be contacted. You’ll also gain access to the WPower community for loads of business inspiration.

ZWomen

  • Credit facility: Up to N10, 000,000
  • Tenor: 12-24 months
  • Repayment: Monthly or quarterly repayments
  • Interest rate: 9% per year (Check how to calculate a loan interest rate in one of our posts.)
  • Objective: To support women in their businesses for them to do more

The ZWomen account by the Zenith Bank was specifically designed for women business owners in Nigeria.

Apart from the credit facility, female entrepreneurs also enjoy free digital skills training, and free exhibition through Z-Woman account

Eligibility Requirements:

  • Applicant must be zenith bank customer
  • Female owned business with 55% shareholding
  • Credit Checks
  • BVN
  • Means of identity
  • Evidence of business registration (an advantage)

Supported businesses:

  • Confectionery,
  • Fitness,
  • Fashion
  • Beauty/Style,
  • Agriculture and others

Application process:

  • Visit the customer support of Zenith Bank nearest to you,
  • Request for ZWomen Account opening form.

SheVentures

Credit facility: Up to N100million depending on the size of business

Moratorium: Up to 1 year

Interest rate: 13%

Tenor: 4 years

SheVentures is FCMB loan for women entrepreneurs in Nigeria. If you are a woman who already has an existing business or planning to have one, First City Monument Bank Plc just got you covered.

The bank understands some of the challenges Nigerian businesswomen face in their quest to have access to credit facility in order to expand their business.

Through the SheVentures, you can build, expand, and grow your business through a great loan.

Eligibility Requirements:

  • Evidence of business registration (CAC)
  • Evidence of legal business address
  • Must have BVN
  • Means of Identity
  • Credit checks

Business Fund for Women

The last on this list is Business Fund for Women by the Bank of Industry (BOI), it is an idea of the Federal Ministry of Women Affairs and Social Development (FMWASD).

It is a Business Development Fund for Women (BUDFOW) which allows the to get access to credit facility to expand their business.

Eligibility Requirements:

  • Business must be owned women
  • Evidence of business registration (CAC)
  • Evidence of legal business address
  • Must have BVN
  • Means of Identity
  • Credit checks
  • Guarantor

Application is done through BOI.

Final thought:

Not every financial institution are ready to support women in their business. This is partly because of gender inequality in the country.

We hope you seize these funding opportunities for women to expand your business. This doesn’t stop you from applying for Nirsal loans powered by the CBN. You CAN!

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