Women Entrepreneurs: How to Get Business Loans
Opportunities to get funding support await you, but you need to do a few things. It is equally important for you a business owner to know that businesses don’t grow without capital, forget motivational speakers tantrum for now.
Do you have a business crying to be funded? Commercial loans are expensive but there are banks that are designed majorly for small and medium-scale enterprises like yours. You have a choice to grow if you can spot accurate financial products from your banks.
The thing is, deposit money banks have different objectives for giving you money to run your business – most would not even accord you such an opportunity.
There is an upside advantage in borrowing if you have a good business that could give you more than you are going to pay as interest on the loans. If you borrow without a proper review of how your business stands, you may run into trouble when the repayment period comes.
There are banks that want to be your partners in such regard, but you just need one that is ranked higher in SME banking. Now, let me recommend Stanbic IBTC Blue Blossom Account to you. To every contract, I am sure you know there are at least two sides. You and your bank must understand what your request is all about.
Have you done your own assignment correctly? No bank, even if it belongs to your family will give a loan to your business without proper registration with Corporate Affairs Commission. That’s 100% certain. Except it is personal loans, your bank will not remit funding support to your private account.
What that means is that you need a business account. Which bank has a history of supporting small-scale businesses in Nigeria? Stanbic IBTC! The bank has been rated high due to efforts to support growing businesses in Nigeria, especially women entrepreneurs.
Still, people make mistakes in choosing accounts that fit their purpose. The world is paying attention to women entrepreneurs to ramp up growth across the continents. Women are fantastic managers and rarely default on loan repayment compared to their male counterparts.
Stanbic IBTC designed special-purpose financial products to help you scale your business in 2023. As a consultant, I can tell you clearly that banks don’t delve into unknown territory when it comes to money.
If you have plans to raise a loan to finance your operation, or there are business projects you have as a woman in business, then open Stanbic IBTC Blossom Accounts from SMEs.
Stanbic IBTC has positioned to support women in businesses that required funding to support their operating activities or even for expansion targets. The Blue Blossom Account was Created To Promote women’s Empowerment and Access To Funding.
The Blue Blossom account offers women better and easier access to business finance. It aims to help bridge the financing gap for women in careers/businesses and promote women’s economic empowerment in line with the CBN’s Nigerian Sustainable Banking Principles
What are the benefits to customers?
- Zero current account maintenance fee
- Discounted fee of 0.50% on loan fees
- Access to loan facilities at highly competitive rates
- Business clinic sessions
- Branded debit card and Cheque book
A number of documents will be required
- Only businesses with 50% or more female ownership structure would qualify
- All account signatories must be women
- Filled account opening form
- Valid company registration documents
- 2 recent passport photographs of each signatory
- Valid ID card for each signatory
- Proof of residential or official address/ Utility bill
- BVN of all signatories (for multiple signatory accounts)
- What is the minimum opening balance?
The minimum account opening balance of N20 000.
- How do customers sign up? Just click here