Access Bank, Lagos Govt Begin Grassroots Sensitization On Loans For Women-Owned MSMEs

Posted by African Examiner Business News, Featured, Latest Headlines Monday, November 1st, 2021

(AFRICAN EXAMINER) – Access Bank Plc, a multinational commercial bank, owned by Access Bank Group, in conjunction with Lagos State Employment Trust Fund (LSETF) has commenced a series of grassroot engagement sessions across Lagos State to sensitize businesswomen residing in the state on the LSETF W Loan Scheme.

Access Bank, through the W Initiative is committed to Inspiring, Connecting, and Empowering women. In 2019, the LSETF W Initiative Loan, a matching fund-financing option for female Micro, Small and Medium Enterprises (MSMEs) in Lagos State was launched in partnership with the LSETF.

The commencement of the sensitization campaign by the Access Bank’s W Initiative and the LSETF teams is aimed at increasing awareness and bridging the information gap. It seeks to sensitize businesswomen resident in Lagos on the availability of the facility, the processes as well as requirements involved. The first and second sessions held at Balogun Market and Alimosho Local Government Area (LGA) respectively.

While opening the session, the Group Head of the W Initiative, Abiodun Olubitan, said the initiative is a one-stop-shop for women.

“Over the years, we have ensured we serve three different cadres of women – women professionals, women in business, and women at home. Specifically, we are talking about women entrepreneurs today and we aim to not only provide funding to these women but also capacity building to enable them develop skills and help grow their business”, she said.

She also noted that many women lack access to funding which hinders them from scaling their businesses. This challenge, according to her, has deepened with the impact of the pandemic on businesses and the economy.

“Our response to this plight is to make available the LSETF W Initiative Loan which is rightly positioned to enable female entrepreneurs to move their businesses to the next level with ease at a highly competitive rate of 10 percent per annum. It requires no collateral, and can be repaid between 12 – 24 months”, she added.

Moreover, it is believed that this partnership will further reiterate Access Bank’s commitment to empowering female entrepreneurs across Nigeria and Africa at large by providing affordable financing to female MSMEs in the State to increase their productivity and enable them to expand in such a way that it leads to job creation.