Are you a woman in fashion into Food business or Restaurant, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, Information Technology or Healthcare?
W Power Loan
The W power loan is a scheme designed to close the financing gap for female owned businesses by providing access to loans and credit facilities. It is open to women whose businesses are in these sectors- Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.
The loans granted to applicants are generally divided into two broad areas. First, there is Term loan which is meant for asset acquisition and infrastructure upgrade that enable beneficiaries buy machineries, equipment and all other fixed assets needed for the business. The second is for working capital, which will be used for the purchase of raw materials or settle other daily operating expenses of the business.
Also, depending on the type of business and its risk rating, applicants can access up to 100 million naira (One Hundred Million Naira) which will be disbursed as soon as criteria have been met.
- First, it is important to note that, the loan is available to only women owned businesses in which ownership is at least 50% female ownership and the business must be managed and led by a woman.
- The business must have been in operation for at least a year with a minimum annual turnover of 5 million naira.
- New account holders must have operated their accounts for at least 30 days.
Once these conditions are met, the applicant will be eligible for consideration. Of course, other Terms and Conditions like credit checks and all apply.
To learn more about the W Power Loan, click here for the FAQs.
W POWER LOAN ELIGIBILITY CRITERIA
|Description||Tier 1||Tier 2||Tier 3||Tier 4|
|Ownership||At least 50% female ownership|
|Tenor||12 – 36 months|
|Min Years of Operation||10yrs||5yrs||3yrs||1yr|
|Staff Strength||Min. of 20||Min. of 5||Min. of 5||Min. of 2|
|Annual turnover||Above 300mn||Above 100mn-300mn||Above 10m-100m||2m-10m|
|Security||Legal Mortgage||All Asset Debenture and Credible Guarantor plus Post-dated cheques||Credible Guarantor plus Post-dated cheques||Credible Guarantor plus Post-dated cheques|
|Scope of Facility||1. Term loan for Asset Acquisition and Infrastructure Upgrade
2. Time Loan: Working Capital, Invoice Discounting, Purchase of Raw Materials, Stock in trade.
|Reinstatement period for a time loan||Within 48 hours after the clean-up of the cycle.|
Do you run an SME?
Would you like to scale up?
Do you have your business account with @myaccessbank?
Then you should take advantage of Access Bank’s #WPowerLoan designed specially for female-owned businesses.
Expand that business now, by calling 01-2364875 to get started or follow: @startupng on Instagram.