Access Bank Plc and Lagos State Government have created a new window of discounted financing for female entrepreneurs as part of their shared commitments to empower women and enhance wealth distribution.
The discounted financing solution known as the “LSETF-W Initiative Loan” was specially created by the Access Bank W Initiative programme in partnership with the Lagos State Employee Trust Fund (LSETF) to provide low-interest loans for female businesses to flourish in the state.
The “LSETF- W Initiative loan” is a financing scheme for female traders and micro, small and medium enterprises’ (MSME) in Lagos State regardless of their state of origin. This means applications from non- indigenes who are resident in Lagos and own at least 50 per cent ownership in either start-ups, micro enterprises, or small and medium enterprises will be accepted for consideration.
Group Head- W Initiative, Access Bank Plc, Ayona Trimnell said the launch of the special intervention fund by LSETF and Access Bank would help to address funding challenges being encountered by many people, especially female entrepreneurs.
According to her, the funding challenge has deepened with the pressure of the pandemic situation on the economy.
“Our response to this plight is to make available the LSETF- W Initiative loan which is rightly positioned to tick all the boxes for our female entrepreneurs. The LSETF-W Initiative loan is highly competitive at 10 per cent per annum, requires no collateral or fixed property, and can be repaid over a period of 24 months.
“This is an amazing opportunity for women led businesses and we can’t wait to support over 4,000 female businesses with this fund,” Trimnell said.
Executive Secretary, Lagos State Employee Trust Fund (LSETF), Teju Abisoye commended Access Bank’s W Initiative for collaborating with the LSETF on the laudable funding scheme.
“The LSETF was set up in 2016 to address unemployment in Lagos State. It does this strategically by providing affordable financing to MSMEs in the State to increase their productivity and expand in such a way that they can employ more people. With the LSETF-W Initiative loan, we will not only be able to tackle financing gaps for female businesses but also make it affordable for them to thrive in the state,” Abisoye said.
Group Head, Emerging Business, Access Bank Plc, Ayodele Olojede noted Access Bank is offering much more to MSMEs, including business support services and digital payment solutions among others.
“We understand the nitty gritty of doing business which goes beyond just having capital hence, many businesses require proper structure, online presence, mentors, access to market and networking opportunities to survive in the first 5 years of business operations. Access Bank desires to take the pressure off you in so many ways to enable you grow and succeed in your desired business path,” Olojede said.
According to her, Access Bank is a one-stop shop for exciting offers on free trainings, business clinics, discounted website support services, registration services, verified payment links, discounted professional advisory services on book keeping, taxation and legal needs among others.