If you strike a woman, as an African proverb says – you strike a rock. The power of a woman in economic building is well recognized by Access bank, which is the reason for which Access bank designed the W Power Loan for women in Nigeria. If you are reading this article, note that it is about Access bank W Power loan for women. This loan product was designed to provide funding for women owned business by offering access to loans and credit facilities.
These loans are offered in two specific areas:
Term Loan: This version of the loan is designed for the purchasing and upgrading of infrastructure. In other words, you can use this loan to purchase machinery, equipment, and other fixed assets required for your business.
Working Capital Loan: this loan is meant to be used to buy raw materials or take care of the operating expenses of the business.
Additionally, you can access up to 100 million (One Hundred Million Naira) in loans from Access bank. It is important to have it in mind that this loan is strictly for businesses owned exclusively by women or one with up to 50% stake belonging to women. Also, the business must have been operating for a minimum of one year.
What is the Qualification for a W Power Loan?
• The business must be owned by a woman or up to 50% stake belonging to women.
• The loan tenor is minimum of 10 years of operation.
• Your business must have a staff strength of at least 20 staff.
Documents Required for the Loan
- Loan Application Form
- Valuation Report
- Bank statement (1 year)
- CAC Certificate of business registration
- BVN validation page of directors or proprietor.
- 1 Guarantor form
- Credit checks
- Valid Identity Card
Other Needed Documents
• Offer letter
• Executed Term Sheet
• Advisory Mandate letter
• Standing instruction for renewal of credit life insurance
• Domiciliary letter
• Business or Board resolution
• Proof of insurance cover and credit life insurance
How to Apply For Access Bank Women Power Loan
To apply for the W Power loan, you need to visit www.wpowerloan.thewcommunity.com. Ensure you carefully read all the instructions and guidelines before you apply.