Access Bank Launches Programme To Empower Lagos Business Women
Access Bank Plc has partnered the Lagos State Employment Trust Fund (LSETF) to launch a new
product, W Initiative where women in business could access loan.
The LSETF W Initiative loan is a matching fund financing option for women, who owned businesses in Lagos State.
Already the bank has embarked on a comprehensive community engagement across four local governments in the state in order to create awareness on its W Initiative.
The sessions were held at Balogun Market, Alimosho LGA, Surulere LGA and Oshodi LGA respectively, where the bank sensitised participants about availability of the product, processes as well as requirements involved.
The sessions in Lagos were in conclusion of its community engagement programme to create awareness for the LSETF W initiative loan package created for women in business.
One of the objectives of Access Bank is to be the bank of choice for women, particularly women in business by providing them with access to finance.
Its Group Head of the W Initiative,
Abiodun Olubitan, encouraged women to take the opportunity, noting that access to finance would help to grow their business.
She explained: There is a financing gap for women owned businesses for which the LSETF W Initiative loan was developed. With a highly competitive interest rate of 10% per annum, no collateral requirements, and a maximum repayment period of 24 months, female-owned SMEs are able to thrive.”
Olubitan also encouraged the women to use the funds appropriately to grow their businesses and ensure no diversion of funds for other purposes. She stressed the need to register their businesses, keep financial records, and run a business account, adding that this would help to position them for the loan.
This LSETF W Initiative loan is projected to increase the contributions of women-owned businesses to the Nigerian economy and reduce unemployment which will have a significant developmental impact.
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