How To Apply For N3m FirstGem MSMEs Loan by First Bank can be accessed below..
What is FirstGem?
The FirstGem Fund Scheme is FirstBank’s gender support single-digit loan for women in MSMEs, to enable them meet their working capital and asset finance needs.
Features
- Min amount of N500, 0000 and Maximum of N3,000,000 (based on eligibility)
- Interest Rate – 9% p.a
- Tenor 12 – 24 months based on facility type
- Management fee: 0.5% flat (one off)
- Keyman Insurance: 0.5% (one-off)
Facility Type
- Working Capital – To purchase raw materials or stock in trade.
- Time/Term Loan – To purchase assets (specialized assets may be financed on exceptional basis)
Target Market
- Women Owned /Led MSMEs in the following sectors
- Food / Beverage processing & Packaging
- Beauty and cosmetics
- Confectionaries, Catering & Restaurants
- Transportation (Logistics)
- Agric/Agro-Allied (retail value chain)
Eligible Business:
MSMEs in the following approved sectors can apply:
1. Food / Beverage processing & Packaging Confectionaries
2. Catering & Restaurants
3. Transportation (Logistics)
4. Beauty/cosmetic products
5. Agric/Agro Allied (retail / food value chain)
Customers eligible to access the FirstGem Fund?
- a. All women owned and led MSMEs with at least 51% female ownership in the approved sectors.
- b. Eligible businesses must be registered with CAC. Loan amount:
- a. Minimum of N500,000, maximum of N3M with a single digit loan at 9%
- b. The repayment period for the FirstGem loan is 12months for Working Capital and 24months for the Term Loan.
- c. Customers of other banks can also apply on provision of their 12-month business account statement from another bank and opening of a Gem Business account.
- d. Customer in FMCG or Fashion industry are not eligible to access the FirstGem fund How to apply:
How to Apply
- Download the Retail Loan Application Form
- Complete the form and with the accompanying documents, submit at the nearest FirstBank branch
