ACCESS BANK’S W-POWER LOAN – ACCESS UP TO N20 MILLION WITHOUT PHYSICAL COLLATERAL

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Are you a woman in fashion into Food business or Restaurant, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, Information Technology or Healthcare?

W Power Loan

The W power loan is a scheme designed to close the financing gap for female owned businesses by providing access to loans and credit facilities. It is open to women whose businesses are in these sectors- Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.

The loans granted to applicants are generally divided into two broad areas. First, there is Term loan which is meant for asset acquisition and infrastructure upgrade that enable beneficiaries buy machineries, equipment and all other fixed assets needed for the business. The second is for working capital, which will be used for the purchase of raw materials or settle other daily operating expenses of the business.

Also, depending on the type of business and its risk rating, applicants can access up to 100 million naira (One Hundred Million Naira) which will be disbursed as soon as criteria have been met.

  • First, it is important to note that, the loan is available to only women owned businesses in which ownership is at least 50% female ownership and the business must be managed and led by a woman.
  • The business must have been in operation for at least a year with a minimum annual turnover of 5 million naira.
  • New account holders must have operated their accounts for at least 30 days.

Once these conditions are met, the applicant will be eligible for consideration. Of course, other Terms and Conditions like credit checks and all apply.

To learn more about the W Power Loanclick here for the FAQs.

W POWER LOAN ELIGIBILITY CRITERIA

Description Tier 1 Tier 2 Tier 3 Tier 4
Ownership At least 50% female ownership
Tenor 12 – 36 months
Min Years of Operation 10yrs 5yrs 3yrs 1yr
Staff Strength Min. of 20 Min. of 5 Min. of 5 Min. of 2
Max. Loan 100mn 50mn 20mn 5mn
Annual turnover Above 300mn Above 100mn-300mn Above 10m-100m 2m-10m
Equity Contribution 20% 15%
Security Legal Mortgage All Asset Debenture and Credible Guarantor plus Post-dated cheques Credible Guarantor plus Post-dated cheques Credible Guarantor plus Post-dated cheques
Scope of Facility 1. Term loan for Asset Acquisition and Infrastructure Upgrade
2. Time Loan: Working Capital, Invoice Discounting, Purchase of Raw Materials, Stock in trade.
Reinstatement period for a time loan Within 48 hours after the clean-up of the cycle.

https://www.accessbankplc.com/Personal-Banking/LOANS/W-Power-Loan.aspx

 

W Power Loan

An African proverb says, “if you strike a woman, you strike a rock”, reminding us of the power of women. That’s why we’ve created the W Power Loan, designed to close the financing gap for female owned businesses by providing access to loans and credit facilities.

It’s perfect for women operating in these sectors:
Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.

Loans are granted in two broad areas:
Term Loan: meant for asset acquisition and infrastructure upgrades, use this loan to buy machinery, equipment and all other fixed assets needed for your business.

Working Capital: use this loan to purchase raw materials or settle other daily operating expenses of the business.

Plus, depending on your type of business and its risk rating, you could access up to 100million naira (One Hundred Million Naira) in loans.

Keep in mind, this loan is only available to women-owned businesses (at least 50% female ownership), managed by a woman.

  • The business must have been in operation for at least a year with a minimum annual turnover of 5 million naira.
  • New account-holders must have operated their accounts for at least 30 days.

Other Terms and Conditions, including credit checks may apply.

To learn more about the W Power Loan, click here for the FAQs.

DO YOU QUALIFY FOR A W POWER LOAN?

Description Tier 1 Tier 2 Tier 3 Tier 4
Ownership At least 50% female ownership
Tenor 12 – 36 months
Min Years of Operation 10yrs 5yrs 3yrs 1yr
Staff Strength Min. of 20 Min. of 5 Min. of 5 Min. of 2
Max. Loan 100mn 50mn 20mn 5mn
Annual turnover Above 300mn Above 100mn-300mn Above 10m-100m 2m-10m
Equity Contribution 20% 15%
Security Legal Mortgage All Asset Debenture and Credible Guarantor plus Post-dated cheques Credible Guarantor plus Post-dated cheques Credible Guarantor plus Post-dated cheques
Scope of Facility 1. Term loan for Asset Acquisition and Infrastructure Upgrade
2. Time Loan: Working Capital, Invoice Discounting, Purchase of Raw Materials, Stock in trade.
Re-instatement period for a time loan Within 48 hours after the clean-up of the cycle.