How To Apply For 500k Or N3M FirstGem Loan Scheme

How To Apply For 500k Or N3M FirstGem Loan Scheme

In today's Npower discussion group Business loan tips, we will be talking about How To Apply For 500k Or N3M FirstGem Loan Scheme. So read on!

What is FirstGem?

FirstGem Fund Scheme is FirstBank’'s gender support single-digit loan for women in MSMEs, to enable them meet their working capital and asset finance needs.

Eligible Business:

MSMEs in the following approved sectors can apply:

1. Food / Beverage processing & Packaging Confectionaries
2. Catering & Restaurants
3. Transportation (Logistics)
4. Beauty/cosmetic products
5. Agric/Agro Allied (retail / food value chain)

You may want to also check How To Apply For BOA Agric And Non Agric Loans

Customers eligible to access the FirstGem Fund?

a. All women owned and led MSMEs with at least 51% female ownership in the approved sectors.

b. Eligible businesses must be registered with CAC.

Loan amount:

a. Minimum of N500,000, maximum of N3M with a single digit loan at 9%

b. The repayment period for the FirstGem loan is 12months for Working Capital and 24months for the Term Loan.

c. Customers of other banks can also apply on provision of their 12-month business account statement from another bank and opening of a Gem Business account.

d. Customer in FMCG or Fashion industry are not eligible to access the FirstGem fund

How to apply:

Download the loan application form here and visit your branch or any of Firstbank branches nationwide to submit and initiate your loan.

For further information, go to the Firstbank Nigeria FirstGem loan page