First City Monument Bank (FCMB) has launched a new application round for its SheVentures initiative, providing zero-interest loans of up to N10 million to women entrepreneurs. The program is designed to improve access to working capital and foster business expansion.
Loan Details and Eligibility
The facility offers loans ranging from N500,000 to N5 million under a general category, while sector-specific businesses can access between N5 million and N10 million. Funding is capped at 50% of an applicant's average monthly turnover. The zero-interest rate is complemented by a transparent fee structure, with repayment options of four or six months to align with cash flow cycles.
Leadership Perspectives
Yemisi Edun, Managing Director and CEO of FCMB, emphasized the bank's commitment to inclusive growth. She stated: "Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs."
Nnenna Jacob-Ogogo, Group Head of SheVentures and Impact Segments at FCMB, added: "Access to affordable finance remains a major constraint for women entrepreneurs. By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions."
Impact on Women-Owned Businesses
Women-owned businesses constitute a significant portion of Nigeria's small and medium-sized enterprises but often struggle with high borrowing costs and limited credit access. The SheVentures program addresses these persistent financing gaps by combining targeted funding with broader support, empowering women entrepreneurs, encouraging innovation, and enhancing their competitiveness on a national scale.
Applications for the zero-interest loan are now open. Interested women entrepreneurs are encouraged to apply promptly.
