Zenith Bank Offers N10m Loans To Z-Women
Zenith Bank Plc has introduced a special loan package to empower female entrepreneurs.
The Z-Woman loan is a single digit facility for female entrepreneurs with no less than 55 percent equity in their businesses. The Z-Woman account holder is also entitled to free digital skills training and free exhibition stands at Zenith Bank events.
Z-Woman loans provide working capital, raw material and upgrade of infrastructure to expand growing businesses. They are primarily targeted at businesses in agriculture, beauty/style, confectionery and fitness, and open to businesses in other sectors.
The interest rate is nine percent, plus one percent management fee, with a maximum loan amount of N10 million and a tenor of 12 to 24 months. Repayment is monthly or quarterly, according to borrower’s cash flow from sales and collections through its Zenith Bank Account.
The loan can be secured by acceptance of the Bank Verification Number (BVN) covenant, personal guarantee of the customer, insurance and positive credit checks.
Group Managing Director of Zenith Bank, Mr. Ebenezer Onyeagwu, says Z-Woman is an opportunity for female business owners to partner with Zenith Bank in addressing the unique needs of women-owned businesses, and providing services that empower them to achieve more.