SheVentures, the unique proposition for the Nigerian businesswoman, powered by First City Monument Bank (FCMB), has resumed disbursement of 90-day interest-free loans of up to N5 million across the country to small and medium enterprises owned by women. Businesses (SMEs).
The 90-day zero-rate loan initiative is reopening for the third consecutive year to address funding gaps faced by women-owned businesses. It also guarantees access to capacity building programs.
Speaking about the initiative, Ms. Yemisi Edun, Managing Director of FCMB, said, “Our SheVentures Zero Interest Loan helps women entrepreneurs pursue profitable and sustainable growth through seed capital for new products, services and expansion. Additionally, he has elevated and protected women-owned businesses from the brutal impact of the Covid-19 pandemic, among other challenges.
The Head of Women in Business at FCMB, Mrs. Yetunde Moito, said qualified female entrepreneurs can access between 500,000.00 and 5,000,000 Naira. Between January 2021 and June 2022, SheVentures has disbursed over N400 million to around 250 women-owned SMEs through the interest-free loan offering. More than 15,000 other people have also benefited from free training, mentoring and other empowerment programs organized as part of First City Monument Bank’s overall goals to empower women entrepreneurs.
There are more than 41 million SMEs in the country, and women represent 40% of this number. However, limited access to finance, limited entrepreneurial, managerial and leadership capacities, lack of information and networking and other challenges posed by the business environment have limited their productivity and growth.
Recognizing these realities, particularly as the premier bank for SMEs in Nigeria and Africa, FCMB is deliberate on financing and building the capacity of women-owned businesses.
A non-profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company headed by Ladi Balogun as Group Managing Director. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints for the poor and small businesses.