First Bank launches single-digit loan for women-owned businesses

First Bank has announced the launch of the FirstGem fund which is designed to put women at an advantage in contributing to the socio-economic development of the country.

First Gem fund is a single-digit loan scheme designed specifically to meet the needs of the female gender, aged 18 years and above.

Speaking on the loan Folake Ani-Mumuney, group head of First Bank of Nigeria Limited 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”.

The FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors food/beverage processing & packaging, beauty and cosmetics, confectionaries, catering & restaurants, transportation and agric/agro-Allied (retail value chain).

With an interest rate of 9 percent per annum, FirstGem loan is a collateral-free loan that is available to the bank’s existing and prospective female customers. Based on eligibility, customers can access loans from N500,000 to N3 million.

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“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,” said Ani-Mumuney.

According to the bank, FirstGem has been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programs like savings culture, financial literacy, wealth management and building an investment portfolio.

“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,” Ani-Mumuney added.

FirstGem is targeted at a broad spectrum of women, working professionals, entrepreneurs, or market women through an array of benefits such as free business advisory services, access to finance, specialised training on business development initiatives regular insights on business, investment opportunities, and discounts at partner merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.

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