During a series of grassroots engagements in October, Access Bank, through the W Initiative, empowered a number of women-owned Small and Medium-sized Enterprises (SMEs) in Surulere, Lagos.
The W Initiative is dedicated to instilling hope, connecting people, and empowering women. Access Bank and the Lagos State Employment Trust Fund (LSETF) launched a N2 billion Matching Fund loan scheme in 2019 to help women-owned businesses in Lagos State.
This loan scheme provides loans ranging from N50,000 to N5 million to Startups, Micro Enterprises, and Small and Medium Scale Enterprises.
In order to raise awareness and bridge the information gap, The Access Bank’s W Initiative and the LSETF teams embarked on a series of grassroots engagement sessions in October to educate businesswomen in Lagos about the availability of the facility, as well as the processes and requirements involved.
Abiodun Olubitan, Group Head of the W Initiative, stated at the start of the session that “women are a driving force in the Nigerian economy, but their access to finance is far too limited.” As a result, Access Bank collaborated with LSETF to bridge the gap. This initiative will increase women-owned businesses’ contributions to the Nigerian economy and has the potential to have a significant development impact.
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