• Image: A businesswoman; Credit: BOI
The Bank of Industry (BOI)’s N10 billion GLOW (Guaranteed Loans for Women) has been signed for disbursement to ignite the growth of women-owned businesses across sectors.
The agreement was signed yesterday through a Memorandum of Understanding (MoU) in Abuja between the BOI and the National Credit Guarantee Company (NCGC).
The BOI Managing Director, Dr Olasupo Olusi and the Managing Director of NCGC, Mr Bonaventure Okhaimo, signed the MoU on behalf of their respective institutions.
The BOI MD said that GLOW was structured to offer concessionary pricing at seven percent interest rate , flexible collateral options and capacity building support, noting that these measures were intended to help close gender financing gaps within the MSME sector.
He disclosed that the programme had already attracted significant interest, with more than 33,000 applications valued at over N65 billion currently in progress.
Olasupo emphasised that the programme would support women-led enterprises across manufacturing, ICT, digital marketing, ecommerce, healthcare, education, renewable energy, processing, waste management, and the creative industries.
He also expressed that NCGC’s support, beginning with a N5 billion guarantee envelope, would enable BOI to extend credit to viable entrepreneurs who may have previously been excluded due to a lack of traditional collateral.
Also, NCGC stated that its guaranteed cover would allow women-owned MSMEs to access loans at lower interest rates and with shorter processing timelines.
