First Bank of Nigeria Ltd. has announced the launch of the FirstGem fund (FirstGem loan) a single-digit loan scheme, targeted at female entrepreneurs.
The bank’s Group Head of Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney, made the announcement in a statement on Sunday in Lagos.
According to Ani-Mumuney, the program was specifically created to provide women an advantage in contributing to the socioeconomic development of the nation.
She said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country.
“Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business.
“We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”
According to Ani-Mumuney, the FirstGem loan program was created for female-owned or associated small and medium-sized businesses (SMEs) engaged in processing and packaging, cosmetics and beauty, confections, catering and restaurants, transportation (Logistics), and related industries (retail value chain).
She claimed that the bank’s current and potential female customers could apply for the FirstGem loan, which has an annual interest rate of 9% and requires no collateral.
Depending on their eligibility, she said, consumers might obtain loans between N500,000 and N3,000,000.
Ani-Mumuney claimed that FirstGem, which was introduced in 2016, had made a significant contribution to financial inclusion, women’s empowerment through programs promoting gender equality, financial literacy, asset management, and portfolio development.
She claims that FirstGem was created exclusively to cater to the requirements of females who are at least 18 years old.
She added that the loan was intended for a wide range of women, including working professionals, businesswomen, and market women, and that it included a number of incentives like free business consulting services.
She also mentioned having access to financing, receiving specialized training on business growth projects, receiving regular updates on opportunities, and receiving enticing discounts at partner merchant establishments.
Ani-Mumuney invited small businesses with a female owner or partner to access the loan by visiting the bank’s website.
She urged them to download and fill out the Retail Loan Application Form and submit the completed form to the nearest FirstBank branch with accompanying documents.
