Access Bank, through its W Initiative, has partnered the Lagos State Employment Trust (LSETF) to launch the LSETF W Initiative loan.
The loan is a matching fund financing option for women-owned businesses in Lagos.
To further expand the reach of this offering, the W Initiative and the LSETF teams embarked on a community engagement across four local governments in the state to create awareness about availability of the product, processes as well as requirements involved. The sessions were held at Balogun Market, Alimosho Local Government Area (LGA), Surulere LGA and Oshodi LGA.
Group Head of the W Initiative, Abiodun Olubitan, urged 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 cent per annum, no collateral requirements, and a maximum repayment period of 24 months, female-owned SMEs are able to thrive,” she added.
Olubitan urged women to use the funds 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 economy and reduce unemployment which will have a significant developmental impact.
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