Wema Bank says it has revamped its nine per cent loan offering for female Small and Medium Enterprise owners to demonstrate its commitment to supporting women entrepreneurs.
According to a statement, the revamped offer includes a longer tenor, easier access and requires no guarantor or collateral, in accessing this facility.
“This is a boon for those wishing to restock their businesses for the festive season or other short-term business needs,” it said.
Commenting on the offer, the Divisional Head, Retail Business, Wema Bank, Dotun Ifebogun, explained that the bank reviewed it to make it easier for applicants to access the facility, which would help them grow their businesses.
He said Wema Bank had shown its interest in the growth and development of female-owned businesses by also offering business training in the past through the ‘Sara by Wema’ proposition.
He described the revamped loan offer as another effort in that direction, saying it would access business loans at a single-digit interest rate with insurance cover, among other benefits.
According to Ifebogun, apart from requiring no collateral or guarantor, applicants can access a loan of up to N1m with a one-year tenor, instead of the previous six months.
According to him, people who do not have a Wema Bank account can also benefit by signing up on ALAT.
Highlighting other eligibility criteria, he said to access the nine per cent loan offer, the beneficiary business “must be owned or run by a woman while the company shareholding must show that women own at least 51 per cent of the business or two out of three of signatories”.