First Bank of Nigeria has launched, FirstGem fund (FirstGem loan), a single-digit loan scheme, exclusively designed to put women at an advantage in contributing to the socio-economic development of Nigeria.
Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communication, First Bank of Nigeria Limited, made the announcement in a statement on Sunday in Lagos.
She said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country.
“Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business.
“We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy,” she said.
Ani-Mumuney, said that the FirstGem loan scheme was designed for female-owned or partnered SMEs who were into Food/Beverage processing and Packaging, Beauty and cosmetics, Confectionaries, Catering and Restaurants, Transportation (Logistics) and Agric/Agro-Allied (retail value chain).
She said that FirstGem loan, with an interest rate of 9 per cent per annum, was a collateral-free loan that was available to the bank’s existing and prospective female customers.
She said that based on eligibility, customers could access loans from N500,000.00 to N3,000,000.00.
She said that FirstGem, launched in 2016, had been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes like savings culture, financial literacy, wealth management and building an investment portfolio.
According to her, FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.
She also said that the loan was targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services.
Other benefits she mentioned are, Access to finance, specialised training on business development initiatives (virtual and physicalevents), regular insights on business / investment opportunities. and mouth-watering discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.
Ani-Mumuney urged female owned or partnered SMEs could visit the Bank’s website to access the loan, https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ –
She urged them to download and fill out the Retail Loan Application Form and submit the completely filled form to the nearest FirstBank branch with accompanying documents.
Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria.
The facility, which is in the sum of US$100 million will have a minimum of 30 per cent allocated in the form of credit lines to women entrepreneurs.
