Most people know little or nothing about the Access Bank W Power Loan. And this wonderful loan and empowerment scheme for business women have been passing them by. Well we are about giving you an eye opener so stay woke and make use of this wonderful opportunity to grow your business.
QUICK NOTE: Before we continues we would like readers to note that the Access Bank W Power Loan is meant for only business women. This means that Men are automatically disqualified to apply for this loan. But Men can also read about it and use it to empower their wives like the saying goes No Knowledge is lost.
ALL ABOUT THE ACCESS BANK W POWER LOAN
As the name implies W power means “Women Power” Loan. This loan offer from Access bank is aimed at helping Women with business grow their business. The loan offer available is up to 100 Million Naira(about $275,000).
Access bank is giving out this loan not to help women start a business but to help them grow their business. It therefore means that you need to have a business already before you apply for this loan offer.
This loan offer from Access bank is open to women whose businesses are in these sectors- Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.
Another interesting part of this loan offer is that the business must not be owned 100% by the woman. If a woman owns 50% of the business and she is in charge of running the business, she is eligible to apply for the loan.
HOW THE ACCESS BANK W POWER LOAN WORKS
According to Access Bank, the loan works in two ways or it is divided into two parts. This means that if granted the loan will be given to you twice. First, there is Term loan which is meant for asset acquisition and infrastructure upgrade that enable beneficiaries buy machineries, equipment and all other fixed assets needed for the business.
The second is for working capital, which will be used for the purchase of raw materials or settle other daily operating expenses of the business. For example, if you are given 50 Million Naira from the W Power Loan.
Then 25 Million will be sent to you for the first part and another 25 Million after you are through with the first phase. One of the reason might be Access bank would also want to monitor if you making good use of the money. If you didn’t make good use of the first 25 Million from the example above then forget the second 25 Million from.
WHO ARE ELIGIBLE TO APPLY FOR THE ACCESS BANK W POWER LOAN
Like we said earlier, depending on the type of business and its risk rating, applicants can access up to 100 Million naira (One Hundred Million Naira) which will be disbursed as soon as criteria have been met.
- First, it is important to note that, the loan is available to only women owned businesses in which ownership is at least 50% female ownership and the business must be managed and led by a woman.
- The business must have been in operation for at least a year with a minimum annual turnover of 5 million naira.
- New account holders must have operated their accounts for at least 30 days.
Once these conditions are met, the applicant will be eligible for consideration. Of course, other Terms and Conditions like credit checks and all apply.
The picture below gives you all criteria for eligibility for the W Power Loan from Access Bank.
Unlike other loan option from Access Bank you can’t apply for the W Power Loan online. You have to visit the official website of Access Bank Plc and fill a short form. This form will include your full-name, phone number, email address. The Access Bank W Power Loan is a way Access Bank is trying to empower women, you can apply today and be a beneficiary.