Wema Bank Plc in a bid to establish its commitment to supporting women entrepreneurs recently disclosed that it has revamped its nine per cent loan offering for female Small and Medium Enterprise owners
According to a statement, the revamped offer includes a longer tenor, easier access and requires no guarantor or collateral, in accessing this facility.
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.
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.
People who do not have a Wema Bank account can also benefit by signing up on ALAT.
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”.