Running a business comes with its numerous challenges; running one in a country like Nigeria, with its very peculiar financial environment, is even more challenging. For entrepreneurs generally, the journey is often one marked by challenges and triumphs, setbacks and successes. However, for female entrepreneurs, navigating the terrain can be especially daunting. Despite them contributing as much as 40% to Nigeria’s GDP, these women are still faced with much stringent chances of accessing funding when compared to their male counterparts. If the slope is slippery for men, it’s even a slipperier slope for female entrepreneurs. Whether it’s due to systemic biases, limited networks, or discriminatory lending practices, the path to securing funding can seem like an uphill battle.
We are contributing to addressing this narrative. It is why we’ve partnered with Bank of Industry to introduce the FSDH WIBI Gender Loan.
Here are some features of this loan:
- Minimum loan amount is ₦10,000,000 (Ten million Naira only)
- Maximum loan amount is ₦100,000,000 (One Hundred Million Naira only)
- Annual interest rate of 15%
- Repayment duration is 48 months and below
- This loan is collateralized
- Designed for women in business across varied business sectors
- Business must be woman owned (at least 51%) or woman managed
So, what then can you do with the FSDH WIBI Gender Loan?
Here are 5 things you can do with the WIBI Gender Loan:
- Equipment Purchases: The FSDH WIBI Gender Loan enables female entrepreneurs to invest in essential equipment, whether it’s upgrading machinery, acquiring tools, or introducing technology to enhance operational efficiency and productivity.
- Inventory: Female entrepreneurs can use the loan to stock up on inventory, ensuring they have the necessary goods and materials to meet customer demand, capitalize on sales opportunities, and maintain a competitive edge in the market.
- Refinancing: The loan provides a strategic solution for female entrepreneurs looking to manage their finances effectively. With this loan, they can refinance existing debts, offering flexibility in repayment terms and potentially reducing overall interest costs.
- Startup Costs: For startups, the WIBI Gender Loan can help cover startup expenses such as initial inventory purchases, lease payments, marketing campaigns, and other essential costs associated with launching a new business.
- Business Expansion: Whether it’s expanding product lines, opening new locations, or entering new markets, with the FSDH WIBI Gender Loan female entrepreneurs can scale their businesses, seize growth opportunities, and achieve their long-term strategic objectives with confidence.
So, if you’re a woman in business, you can expand your business with the WIBI Gender Loan. Don’t settle, apply for the FSDH WIBI Gender Loan, click here to get started now.
