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The
FirstGem fund (FirstGem loan) is a single-digit loan scheme, exclusively
designed to put women at an advantage in contributing to the socio-economic
development of the country.
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The
loan scheme covers female-owned or partnered SMEs in various sectors of the
economy
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Launched
in 2016, FirstGem has been impactful in driving financial inclusion,
influencing women's empowerment through gender-advancement programmes like
savings culture, financial literacy, wealth
management and building an investment portfolio.
In
furtherance of its role in promoting female entrepreneurship across the
country, Nigeria’s premier banking institution and leading financial inclusion
services provider, First Bank of Nigeria Limited, has announced the launch of
the FirstGem fund (FirstGem loan); a single-digit loan scheme, exclusively
designed to put women at an advantage in contributing to the socio-economic
development of the country.
The
FirstGem loan scheme is designed for female-owned or partnered SMEs in the following sectors Food/Beverage processing & Packaging,
Beauty and cosmetics, Confectionery, Catering & Restaurants, Transportation
(Logistics) and Agric/Agro-Allied (retail value chain). With an interest rate
of 9% per annum, FirstGem loan is a collateral-free loan that is available to
the bank’s existing and prospective female customers. Based on eligibility,
customers can access loans from N500,000.00 to N3,000,000.00.
To
access the loan, Female owned or partnered SMEs can visit the Bank’s website
- https://www.firstbanknigeria.com/personal/loans/more-financing-options/firstgem-funds/ -
to download and fill out the Retail Loan Application Form. The
completely filled form should be submitted to the nearest FirstBank branch with
accompanying documents.
Speaking on
the loan Folake Ani-Mumuney, Group Head, First Bank of Nigeria Limited said,
“we are delighted with the role our FirstGem product plays in creating an avenue
to enlarge the business activities and endeavours of female entrepreneurs
across the country.
Our
FirstGem value proposition offers real solutions to constraints encountered by
female entrepreneurs and working professionals, as it exposes women to opportunities
for the advancement of their business. We implore every female business-minded
individual to take advantage of the FirstGem loan as it puts them at an
advantage to contribute their quota to the national economy.”
Launched in
2016, FirstGem has been impactful in driving financial inclusion, influencing
women's empowerment through gender-advancement programmes like savings culture,
financial literacy, wealth management
and building an investment portfolio. FirstGem is designed specifically to meet the needs of the
female gender, aged 18 years and above.
FirstGem is targeted at a broad spectrum of women,
working professionals, entrepreneurs or market women through an array of
benefits such as free business advisory services, access to finance,
specialized training on business development initiatives (virtual and physical events), regular insights on business / investment opportunities and mouth-watering discounts at partner
merchant outlets (spas, salons, grocery stores) offering lifestyle products and services.
Recently, FirstBank announced its partnership with CDC Group, the UK Government’s development finance organisation to economically empower women-owned and led businesses as well as local small and medium-sized enterprises (SMEs) in Nigeria. The facility, which is in the sum of US$100 million will have a minimum of 30% allocated in the form of credit lines to women entrepreneurs.
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