The revamped offer includes a longer tenor, easier access
and requires no guarantor or collateral, in accessing this facility. This is a
boon for those wishing to restock their businesses for the festive season or
other short-term business needs.
Divisional Head for Retail Business, Wema Bank Plc, Dotun
Ifebogun said the bank management has reviewed the package to make it easier
for loan applicants to access the facility which would help them grow their
businesses.
Ifebogun said the Bank has shown its interest in the growth
and development of female-owned businesses by also offering business training
in the past through the Sara by Wema proposition, adding that the revamped loan
offer is another effort in that direction as they will access business loans at
a single-digit interest rate with insurance cover, among other benefits,” he
said.
According to him, apart from requiring no collateral or
guarantor, applicants can access a loan of up to N1 million with a one-year
tenor instead of the previous six months, adding that people who do not have a
Wema Bank account can also benefit by signing up on ALAT.
Highlighting other eligibility criteria, the Divisional
Head, Retail Business, said to access the 9 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% of the business or 2/3 of
signatories are women.”
He also explained that the facility is available to register
and unregistered women-owned businesses operating for a minimum of two years,
as well as new loan customers with applicants enrolled on at least one of Wema
Bank’s channels
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