Description
W Power
W Power is a lending product for women-owned businesses licensed by the Central bank of Nigeria within the Access bank portfolio.
Products
- Asset Financing – W Power loan is for asset acquisition and infrastructure upgrades, use this loan to buy machinery, equipment and all other fixed assets needed for your business. The customer must have received their business account domiciled through Access bank account in the last 3 months.
- Working Capital – W Power loan is to purchase raw materials or settle other daily operating expenses of the business. The customer must have received their business account domiciled through Access bank account in the last 3 months
All businesses are accommodated with a special focus on the following sectors: Fashion, Catering/Eateries, Manufacturing, Beauty & wellness, Hospitality & tourism, Education, Information technology and Healthcare. Agricultural business with a focus on processing, distribution and packaging.
Pros
- High loan amount up to N100m
- Flexible repayment options
- Maximum tenor of 36 months
- Flexible conditions
- Only available to female entrepreneurs (empowering women)
Cons
- Only available to female entrepreneurs (50% owned by a woman)
- Strict business performance requirements
- Only available to Access bank account holders
Requirements
- Business must have been in operation for at least a year
- A minimum annual turnover of 5 million naira
- A minimum of 2 employees
- Completed Application Form
- Business registration documents
- Identity card
- Guarantor of notable credibility is required
- Business must be 50% owned by a woman
