STOCK

ACCESS BANK PLC

7.5

-0.66%

11/12/2018

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 100million 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 At least 50% female Ownership At least 50% female Ownership At least 50% female Ownership
Min Years of Operation 10yrs 5yrs 3yrs 1- 3yrs
Annual turnover 500mn & above 100mn-500mn 10-100mn N5M-10m
Staff Strength Min. of 20 Min. of 5 Min. of 5 Min. of 2
Max Loan 100mn 50mn 20mn 5mn
Equity Contribution 30%

Business Registration

Must be registered with CAC
Security

Legal Mortgage
All Asset Debenture  Insurance: Credit Life
 

Legal Mortgage
All Asset Debenture
 

All Asset Debenture Credible Guarantor
Post-dated cheques

All Asset Debenture Credible Guarantor
Post-dated cheques

Tenor

Up to 36 months

12-36 months

Interest rate

15% p.a.

 

Interested in the W Power Loan? Please fill the form below:

*

* 

* 



 


For other offerings, join The W-Community today.