First Bank introduces single-digit credit for women-owned businesses

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July 02 (THEWILL) — Nigeria’s leading banking institution and leading provider of financial integration services, First Bank of Nigeria Limited, has announced the launch of the FirstGem Fund (FirstGem Loan); a single-digit loan program designed solely to give women an advantage by contributing to the country’s socio-economic development.

This is to promote her role in promoting female entrepreneurship across the country.

The FirstGem Loan Program is designed for female-owned or partner SMEs in the following sectors: Food/Beverage Processing and Packaging, Beauty and Cosmetics, Confectionery, Catering and Restaurants, Transport (Logistics) and Agricultural/Agro-Allies (Value Chain of the retail) .

With an interest rate of 9% per annum, the FirstGem loan is a collateral-free loan available to the bank’s existing and potential female clients. Depending on eligibility, clients can access loans from N500,000.00 to N3,000,000.00.

Commenting on the loan, Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said, “We are excited about the role our FirstGem product is playing in creating a path to expand the business and endeavors of women entrepreneurs across the country .

Our FirstGem Value Proposition offers real solutions to the constraints faced by female entrepreneurs and professionals by providing opportunities for women to grow their businesses. We encourage all enterprising women to take advantage of the FirstGem loan as it gives them an advantage in contributing their quota to the national economy.”

Founded in 2016, FirstGem has advanced financial inclusion and impacted women’s empowerment through gender empowerment programs such as a savings culture, financial literacy, wealth management and investment portfolio building. FirstGem is specifically designed to meet the needs of women aged 18+.

FirstGem caters to a wide range of women, professionals, entrepreneurs or market women through a range of benefits such as free business advice, access to finance, specialized training on business development initiatives (virtual and physical events) and regular business insights/investment opportunities and delicious Discounts at partner retailers (spas, salons, grocery stores) that offer lifestyle products and services.

It is recalled that FirstBank recently announced its partnership with CDC Group, the UK Government’s development finance organization, to economically empower women-led and female-owned businesses and local small and medium-sized enterprises (SMEs) in Nigeria. At least 30% of the facility, valued at US$100 million, will be in the form of lines of credit to women entrepreneurs.

The FirstGem Fund (FirstGem Loan) is a single-digit loan program dedicated solely to giving women an advantage by contributing to the country’s socio-economic development.

The loan program applies to female-owned SMEs or partner companies in various economic sectors.

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