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FirstGem N3million Loan Scheme – See Requirement and How To Apply

Are you a business woman searching for how to get a soft loan to set up or run an existing business? If yes then keep reading because this article will enable you get the requirement needed to obtain FirstGem loan Scheme is FirstBank Nigeria.

The FirstGem Fund Scheme is FirstBank’s gender support single-digit loan for women in MSMEs, to enable them meet their working capital and asset finance needs.

FirstGem N3million Loan Scheme – See Requirement and How To Apply

Features

Min amount of N500, 0000 and Maximum of N3,000,000 (based on eligibility)
Interest Rate – 9% p.a
Tenor 12 – 24 months based on facility type
Management fee: 0.5% flat (one off)
Keyman Insurance: 0.5% (one-off)
Facility Type

Working Capital – To purchase raw materials or stock in trade.
Time/Term Loan – To purchase assets (specialized assets may be financed on exceptional basis)
Target Market

FirstGem N3million Loan Scheme – See Requirement and How To Apply

Women Owned /Led MSMEs in the following sectors
Food / Beverage processing & Packaging
Beauty and cosmetics
Confectionaries, Catering & Restaurants
Transportation (Logistics)
Agric/Agro-Allied (retail value chain)
Eligible Business:

FirstGem N3million Loan Scheme – See Requirement and How To Apply

MSMEs in the following approved sectors can apply:

1. Food / Beverage processing & Packaging Confectionaries
2. Catering & Restaurants
3. Transportation (Logistics)
4. Beauty/cosmetic products
5. Agric/Agro Allied (retail / food value chain)

Customers eligible to access the FirstGem Fund?

a. All women owned and led MSMEs with at least 51% female ownership in the approved sectors.
b. Eligible businesses must be registered with CAC. Loan amount:
a. Minimum of N500,000, maximum of N3M with a single digit loan at 9%
b. The repayment period for the FirstGem loan is 12months for Working Capital and 24months for the Term Loan.
c. Customers of other banks can also apply on provision of their 12-month business account statement from another bank and opening of a Gem Business account.
d. Customer in FMCG or Fashion industry are not eligible to access the FirstGem fund How to apply:
How to Apply

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Download the Retail Loan Application Form
Complete the form and with the accompanying documents, submit at the nearest FirstBank branch

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