W Power Loan
An African proverb says, “if you strike a woman, you strike a rock”, reminding us of the power of women. That’s why we’ve created the W Power Loan, designed to close the financing gap for female owned businesses by providing access to loans and credit facilities.
It’s perfect for women operating in these sectors:
Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.
Loans are granted in two broad areas:
Term Loan: meant for asset acquisition and infrastructure upgrades, use this loan to buy machinery, equipment and all other fixed assets needed for your business.
Working Capital: use this loan to purchase raw materials or settle other daily operating expenses of the business.
Plus, depending on your type of business and its risk rating, you could access up to 100million naira (One Hundred Million Naira) in loans.
Keep in mind, this loan is only available to women-owned businesses (at least 50% female ownership), managed 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.
Other Terms and Conditions, including credit checks may apply.
To learn more about the W Power Loan, click here for the FAQs.
DO YOU QUALIFY FOR A W POWER LOAN?
| 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 |
| Max. Loan |
100mn |
50mn |
20mn |
5mn |
| Annual turnover |
Above 300mn |
Above 100mn-300mn |
Above 10m-100m |
2m-10m |
| Equity Contribution |
20% |
15% |
| 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. |
| Re-instatement period for a time loan |
Within 48 hours after the clean-up of the cycle. |
DOCUMENTATION REQUIREMENTS
| S/N |
Document |
Tier 1 |
Tier 2 |
Tier 3 |
Tier 4 |
| 1 |
Loan application form |
Mandatory
|
| 2 |
Company profile |
Mandatory
|
| 3 |
Financial statement |
Recent three (3) years Audited account |
Recent Audited or Management
account
|
Three (3) years Bank statement |
Twelve (12) months Bank statement |
| 4 |
Bank Statement (including other banks) |
One (1) year bank statement for all existing bank accounts
|
6-12 months Bank statement |
| 5 |
Credible Guarantor form & Post-dated Cheques |
Applicable |
Applicable |
Applicable |
Applicable |
| 6 |
Credit Check |
Mandatory
|
| 7 |
BVN |
Mandatory
|
| 8 |
Registration for the Mini-MBA and other W applicable trainings based on customer category |
Encouraged
|
| 9 |
Bill of quantities (BOQ) |
Applicable
|
| 10 |
Pro forma invoice |
Applicable
|
Interested in the W Power Loan? Please fill the form below:
Click HERE to download W Power Loan application form.
For other offerings, join The W-Community today.