Bank of Industry teamed up with the National Credit Guarantee Company to drop N10 billion in backed loans for women running businesses across Nigeria. Managing Director Olasupo Olusi from BOI is pushing this GLOW program that gives women entrepreneurs easier financing with a seven percent interest rate and lighter collateral requirements. NCGC boss Bonaventure Okhaimo said his crew will cover 25 percent of the risk on these loans.
The whole thing targets sectors like manufacturing, tech, healthcare, renewable energy, and creative industries. BOI already got swamped with over 33,000 applications worth more than N65 billion, which shows how many women got locked out of regular business financing before this.
NCGC plans to start with N5 billion to manage the portfolio risk while helping viable businesses that got rejected over collateral issues before.
The whole thing targets sectors like manufacturing, tech, healthcare, renewable energy, and creative industries. BOI already got swamped with over 33,000 applications worth more than N65 billion, which shows how many women got locked out of regular business financing before this.
NCGC plans to start with N5 billion to manage the portfolio risk while helping viable businesses that got rejected over collateral issues before.
