Bank of Industry Launches ₦10bn Fund for Nigerian Female Entrepreneurs

The Bank of Industry (BOI) has launched a ₦10 billion fund specifically designed to support Nigerian female entrepreneurs. This initiative aims to promote gender equality and empower women to take leadership roles in the country’s economic development.

Objectives of the Fund

The ₦10 billion fund is expected to achieve the following objectives:

1. Financial inclusion: Increase access to finance for female-owned businesses, thereby reducing the financial gap between men and women.
2. Economic empowerment: Enhance the economic status of women by supporting their entrepreneurial endeavors.
3. Job creation: Create employment opportunities for women and contribute to the country’s economic growth.

Eligibility Criteria

To be eligible for the fund, female entrepreneurs must meet the following criteria:

1. Business ownership: The business must be owned and managed by a female entrepreneur.
2. Business type: The business must be a start-up or an existing enterprise operating in any sector.
3. Location: The business must be located in Nigeria.

Application Process

Interested female entrepreneurs can apply for the fund through the BOI website or by visiting any BOI branch office. The application process involves submitting a business plan, financial statements, and other required documents.

Benefits of the Fund

The ₦10 billion fund offers several benefits to female entrepreneurs, including:

1. Concessional interest rate: A reduced interest rate to make borrowing more affordable.
2. Flexible repayment terms: A flexible repayment schedule to accommodate the unique needs of female-owned businesses.
3. Business support services: Access to business support services, such as training, mentoring, and networking opportunities.

Conclusion

The Bank of Industry’s ₦10 billion fund for Nigerian female entrepreneurs is a significant step towards promoting gender equality and economic empowerment. By providing access to finance and business support services, the fund is expected to contribute to the growth and development of female-owned businesses in Nigeria.