IWD: Bank Loans, 3 Other Ways Nigerian Women Can Get Funding for Their Businesses

• The generation of jobs and economic growth are significantly influenced by female entrepreneurs
• Meanwhile, they usually have trouble raising money and expanding sustainable firms
• Among the difficulties include limited access to networks, resources, technology, and funding

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Women entrepreneurs are important forces behind economic growth and job creation. However, they frequently encounter difficulties funding and growing sustainable businesses, such as restricted access to resources, networks, technology, and finance.

One major obstacle in the way of attaining gender equality by 2030 is the startling lack of funding. UN Women estimates that the yearly budget imbalance on gender equality measures is a startling $360 billion.

The need to address inequalities in women's and girls' access to financial resources, economic opportunities, and social services is highlighted by this financing gap.

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Initiatives to address these issues and assist female entrepreneurs in the areas of business creation, training, advice, and funding access have been launched recently by both public and private organizations.

Leadership identifies some ways Nigerian women entrepreneurs can access funds:

• Through the FirstGem fund: This is a one-digit loan program for female-owned or partnered SMEs in industries like food processing, cosmetics, and transportation, the Nigerian federal government provides loans to women-owned enterprises. The FGN Special Intervention Fund for MSME (NEDEP) provides MSMEs with loans at an interest rate of 9%. The Women Entrepreneurs Finance Initiative (We-Fi) provides funding for the BRAVE Women fund, which aims to encourage female entrepreneurs.
• Getting bank loans through the gender desk: Most banks offer gender products that give money to help women-owned businesses grow. This helps close the financial gap that these firms confront. Through banking, loans, and other services, Access Bank's Access "W" Initiative promotes women's economic empowerment. Zwoman, Zenith Bank's gender desk, works to reduce the financial disparity experienced by female-owned enterprises and make sure that greater chances for advancement are provided for women in the business world.
• Womenpreneur Pitch-a-ton Africa: The Womenpreneur Pitch-a-ton Africa initiative aims to give female-owned companies in Africa access to funding, top-notch business education, and mentorship possibilities. The three-month program consists of 12 weeks of mini-MBA training conducted in partnership with the International Finance Corporation (IFC) and pitching sessions to a Pan-African jury panel. The top 100 finalists will present their businesses to the panel, applying the lessons learned from the mini-MBA, and will have the chance to receive financial grants and other consolation prizes.
• Women in Tech Incubator: The Women in Tech Incubator (WITI) program seeks to encourage female entrepreneurs, support calls for greater diversity in the tech industry, and give women additional chances to gain leadership and entrepreneurial skills. The Women in Tech Incubator in Nigeria aims to support early-to-mid-stage female professionals in the business and technology sectors through incubation. The initiative is aimed at Nigerian women-led start-up companies that support the Sustainable Development Goals of the UN.

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Nigerian Bank announces loan for Nigerians to acquire cars

Legit.ng reported that CIG Motors and First City Monument Bank (FCMB) have partnered to increase the accessibility of vehicle ownership for both individuals and corporate enterprises through flexible and reasonably priced financing options.

Through the partnership, consumers can purchase brand-new GAC Motor vehicles with FCMB auto loans up to N70 million, with repayment terms of up to five years.

Some of the perks that the auto program provides include free car registration, a free first-year service package, N600,000 gasoline voucher, a five-year or 150,000-kilometer warranty, and free accessories like foot mats and fire extinguishers.

Source: Legit.ng