Access Bank Plc, is widening its women economic empowerment programme through its W initiative.
The bank has further concluded a community engagement program to create awareness for the LSETF W initiative loan package created for women in business.
One of the brand objectives of Access Bank is to be the Bank of choice for women, particularly women in business by providing them with access to finance. Accordingly, the Bank through its W Initiative, partnered the Lagos State Employment Trust Fund to launch the LSETF W Initiative loan
The LSETF W Initiative loan is a matching fund financing option for women-owned businesses in Lagos State
To further expand the reach of this offering, W Initiative and the LSETF teams embarked on a comprehensive community engagement across 4 local governments in Lagos to create awareness about availability of the product, processes as well as requirements involved. The sessions were held at Balogun Market, Alimosho LGA, Surulere LGA and Oshodi LGA respectively.
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.
“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,” she added.
Olubitan further encouraged the women to use the funds appropriately to grow their businesses and ensure no diversion of funds for other purposes. She emphasised the need to register their businesses, keep financial records, and run a business account as this would help 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.