The FCMB business loan was created for female entrepreneurs in Nigeria due to the challenges they are facing in their quest to grow their businesses successfully. First City Monument Bank (FCMB) is passionate about empowering female entrepreneurs, helping them build their businesses and improving the overall success rate of businesses owned or run by women in Nigeria. According to a report, women make up 49% of Nigeria’s adult population.
Only about 42% of them have access to formal financial services. Moreover, 42.7% of Nigerian women are business owners out of which only an estimated 2% have access to capital and loans to grow their businesses. It is also reported that around 7 million businesses will be set-up by Nigerian women in the year 2021 with the potential to create 8.9 million jobs and unlock billions in revenue for the country.
FCMB at an impressive ceremony in Lagos, the bank unveiled #SheVentures, its brand-new proposition to support the growth of businesses owned or managed by women. The event, which was part of the Bank’s activities to celebrate this year’s International Women’s Day with the theme “Balance for Better” provided the right opportunity to highlight how FCMB is helping women close the gaps in the world of business.
Advantages of the Business Loan for Female Entrepreneurs in Nigeria
SheVentures is a business loan facilities anchored on a unique selling proposition of ‘’Be You’’, which connotes confidence, independence and the courage required by women to fulfil their aspirations. It is designed to engage, inspire and equip potential and existing women entrepreneurs to take bold steps that would launch their business to greater heights.
Access to loans at zero (yes, zero!) or competitive interest rates
Through First City Monument Bank flagship 0% loan product, FCMB offers short-term loans to female customers who need quick access to funds. At the #SheVentures launch event alone, about 40 female SMEs were awarded loans of between N500,000 to N5,000,000 at 0% interest. In addition, there are other loans such as the FCMB BOI Gender Loan, which comes at 15% interest.
Capacity building and training
First City Monument Bank (FCMB) has also partnered with consultants in various fields of business to provide key professional services at discounted rates to its women in business customers. Not forgetting exclusive business training events which FCMB either directly organizes or in partnership with other leading organizations.
Through a network of qualified mentors carefully selected by First City Monument Bank (FCMB), the female entrepreneurship business loan #SheVentures offers Nigerian businesswomen access to guidance, motivation, emotional support, and role modelling for a successful career.
The Business Loan will support women in business are of strategic importance to FCMB
At the launch of #SheVentures, Adam Nuru said the Bank strongly believes in the power of entrepreneurship. He added that the contribution of women to economic development cannot be understated, as over 30% of businesses owned globally are either female-owned or managed. On her part, FCMB’s Executive Director, Business Development, Bukola Smith, said ‘’the #SheVentures proposition is as much a statement of substance as it is one of intent.
FCMB is passionate about supporting women in business. The #SheVentures offerings are tailored to offer sustainable benefits to women-owned SMEs and support them to increase their productivity and contributions in the areas of job and wealth creation, poverty reduction, empowerment and the overall development of Nigeria.”
The business loan comes with several cutting-edge features and benefits for women-owned SMEs. One of such is the zero-interest-rate for an initial period of three months. In addition, FCMB will organise free training and mentoring programmes for 80 women entrepreneurs every quarter, out of which 40 of them will access this business loan.
Get started today to join the league of successful women entrepreneurs in Nigeria who are already enjoying the zero-interest loan that cut