Zenith Bank says it’s introducing a new loan product, the Z-Woman Business Package, to help women-owned businesses scale their operations. The new product is part of an ongoing drive to boost Nigeria’s small and medium-sized, the bank executives have explained.
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The Z-Woman Package offers loans of up to ₦10 million to SMEs in which women hold a majority stake. The sectors targeted in this program include beauty and style, confectionery, agriculture, and fitness, among others.
The package is aimed at helping these businesses expand their working capital, purchase raw materials, and upgrade their infrastructure. Beneficiaries could also get free digital skills training, and free exhibition stands at Zenith Bank’s events.
Group Managing Director of Zenith Bank, Ebenezer Onyeagwu, has explained that Z-Woman provides a platform for women to partner with the bank to grow their enterprises.
Businesses in which women hold a majority stake of at least 55 percent are eligible for this program.
Loans under the Z-Woman program have a tenor of between 12 and 24 months. Zenith Bank offers a 9 percent interest rate and a 1 percent management fee on these loans.
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Disbursement of the loan is subject to the recipients’ acceptance of the BVN covenant for loan repayment. The bank will also conduct credit checks to determine the ability of the applicant to repay the loan.
Visit a Zenith Bank branch closest to you to find out more, and to apply for the Z-Woman loan.
Enquiries can also be sent via email to agentbanking@zenithbank.com.
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