How To Apply For N3m FirstGem Loan Scheme by First Bank

Do you need a business loan to boost your business? If ‘yes’, closely pay attention to this information, as we show you how to apply for First Bank N500,000 – N3m FirstGem loan scheme. FirstGem is the First Bank’s gender support single-digit loan for women in Micro, Small and Medium Enterprises (MSMEs) in Nigeria, to enable them to meet their business capital and asset finance needs.

Eligible Businesses for First Gem loan

Your business must be in the following categories:

  • Food/Beverage processing or Packaging
  • Catering and Restaurants
  • Transportation {logistics}
  • Beauty and cosmetic products
  • Agric or Agro Allied

How to be eligible for FirstGem loan

  • Be a women and own a business in the above listed categories (or at least 51% female ownership of the business).
  • The business must be registered with the Cooperate Affairs Commission (CAC).

FirstGem Loan Features

  • The minimum amount you can access is N500,000, and the maximum is N3million.
  • The interest rate for the loan is 9% per annum.
  • Repayment period is 12 months for Working Capital and 24 months for Term Loan.

Kindly note that customers of other banks can apply on provision of their 12-month business account statement from another bank and opening of a Gem Business account. But Customers in FMCG or Fashion industry are not eligible to access FirstGem fund.

FirstGem registration processes

To apply for FirstGem loan kindly follow the steps below:

  1. Download the First Gem loan application form.

  2. Print out the form and fill appropriately with your information.

  3. Submit the completed form at any nearest Firstbank branch.

For further information, go to the nearest Firstbank of Nigeria branch.

FirstGem Current Account

This account is designed specifically with the needs of women aged 18 years and above, whether working professionals or entrepreneurs and comes in two (2) variants, savings and current accounts.

Product Features

  • Minimum opening balance of N10,000
  • Customized debit MasterCard
  • Internet Banking
  • Account Maintenance Charge is N0.90/Mille per month

Requirements account opening

  • Two (2) satisfactory references
  • Utility Bill
  • Valid means of identification
  • Other requirements for opening Current account (for Individual & Corporates)

Benefits to Customer

  • Access to select Leadership programmes and trainings on women empowerment
  • Access to business development advisory services for accessing CBN/BOI intervention funds at single digit interest rates
  • Business skills on wealth management and investment plans
  • Advisory services to access the CBN N220bn MSME intervention fund at 9%
  • Access to annual medical and health programs/events sponsored by the Bank for women

Source: Nyscinfò.com

1 thought on “How To Apply For N3m FirstGem Loan Scheme by First Bank”

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top