FCMB Opens Applications for Zero-Interest Loans to Women Entrepreneurs

First City Monument Bank has opened a new application cycle for its SheVentures initiative, offering zero-interest loans of up to N10 million to women entrepreneurs as part of efforts to improve access to financing and support business expansion across Nigeria.

The bank disclosed this in a statement, noting that the funding programme is targeted at women-led enterprises seeking working capital and growth support amid prevailing economic challenges and tightening credit conditions.

According to the bank, the financing package provides loans ranging from N500,000 to N5 million under the general category, while sector-specific businesses can access between N5 million and N10 million. The lender added that funding is capped at up to 50 per cent of an applicant’s average monthly turnover.

FCMB stated that the facility carries a zero per cent interest rate, with all applicable charges incorporated into a transparent pricing structure. It added that repayment plans are structured over four or six months to enable businesses align obligations with their cash flow cycles.

The bank explained that the initiative is designed to address longstanding financing challenges faced by women-owned businesses, particularly limited access to affordable credit and high borrowing costs.

Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, said the programme reflects the bank’s commitment to inclusive economic growth and sustainable enterprise development.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers,” she stated.

“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs,” Edun added.

The bank noted that women-owned businesses account for a significant share of Nigeria’s small and medium-scale enterprise ecosystem but continue to face barriers in accessing formal financing channels.

FCMB stated that the SheVentures proposition was developed to bridge this financing gap by combining affordable funding with broader business support mechanisms aimed at strengthening the capacity and competitiveness of women-led enterprises.

Group Head, SheVentures and Impact Segments at FCMB, Nnenna Jacob-Ogogo, said access to affordable finance remains one of the major constraints limiting the growth potential of women entrepreneurs across the country.

“Access to affordable finance remains a major constraint for women entrepreneurs,” she said.

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions,” Jacob-Ogogo added.

The bank said the latest funding round forms part of broader efforts to strengthen financial inclusion and support economic participation among women entrepreneurs operating across different sectors of the economy.

FCMB added that the intervention would also help businesses maintain operational stability, preserve employment, and improve productivity at a time when many small businesses are struggling with rising operating costs and limited access to capital.

The lender stated that eligible businesses under the scheme include enterprises operating in sectors such as trade, manufacturing, agriculture, services, and other productive areas of the economy.

Industry analysts have continued to identify financing constraints as one of the major factors affecting the survival and expansion of women-owned businesses in Nigeria. Limited collateral, high lending rates, and restricted access to formal banking products have contributed to widening financing gaps for female entrepreneurs.

The bank noted that beyond financing, the SheVentures initiative also provides participants with access to mentorship, training, networking opportunities, and business advisory services aimed at improving operational efficiency and long-term sustainability.

FCMB said the latest loan offering underscores the increasing role of financial institutions in supporting inclusive growth strategies and promoting women’s participation in economic development.

The bank reiterated its commitment to supporting women-led enterprises through tailored financial products and interventions that address sector-specific challenges.

It added that applications for the zero-interest loan programme are currently open to qualified women entrepreneurs seeking to expand operations, strengthen working capital, and improve business resilience.

FCMB maintained that expanding access to affordable finance for women-owned businesses remains critical to strengthening Nigeria’s SME sector and driving broader economic growth.