First City Monument Bank has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to N10m to women entrepreneurs to improve access to working capital and support business growth. The bank said in a statement on Tuesday that the facility provides loans ranging from N500,000 to N5m under a general category, and N5m to N10m for sector-specific businesses, with funding capped at up to 50 per cent of an applicant’s average monthly turnover.
The offering carries a zero per cent interest rate, with charges embedded in a transparent structure. Repayment is structured over four or six months, allowing businesses to align obligations with their cash flow cycles. Managing Director and Chief Executive of First City Monument Bank, Yemisi Edun, said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers. Related News Banks earn N18.2tn despite profits decline Banking beyond the balance sheet: Union Bank's ASBON recognition and Nigeria's small business economy UPDATED: Jim Ovia retires as Zenith Bank chairman “This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs,” she stated.
Group Head, SheVentures and Impact Segments at First City Monument Bank, Nnenna Jacob-Ogogo, said access to affordable finance remains a major constraint for women entrepreneurs. “Access to affordable finance remains a major constraint for women entrepreneurs,” she said.
“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.” Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
SheVentures is designed to address financing gaps facing women-led businesses by combining targeted funding with broader support to strengthen their capacity and competitiveness. The bank stated that applications for the zero-interest loan are now open. The bank said in a statement on Tuesday that the facility provides loans ranging from N500,000 to N5m under a general category, and N5m to N10m for sector-specific businesses, with funding capped at up to 50 per cent of an applicant’s average monthly turnover.
SheVentures is designed to address financing gaps facing women-led businesses by combining targeted funding with broader support to strengthen their capacity and competitiveness. The bank stated that applications for the zero-interest loan are now open. The offering carries a zero per cent interest rate, with charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to align obligations with their cash flow cycles. Managing Director and Chief Executive of First City Monument Bank, Yemisi Edun, said the initiative reflects a deliberate approach to inclusive growth.
SheVentures is designed to address financing gaps facing women-led businesses by combining targeted funding with broader support to strengthen their capacity and competitiveness. The bank stated that applications for the zero-interest loan are now open. Managing Director and Chief Executive of First City Monument Bank, Yemisi Edun, said the initiative reflects a deliberate approach to inclusive growth.
SheVentures is designed to address financing gaps facing women-led businesses by combining targeted funding with broader support to strengthen their capacity and competitiveness. The bank stated that applications for the zero-interest loan are now open. “Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.