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First City Monument Bank (FCMB) has officially called for applications from women entrepreneurs across Nigeria for its latest round of zero-interest loans. This initiative, driven by the bank’s SheVentures proposition, is designed to eliminate financial barriers for female-led Small and Medium Enterprises (SMEs) by providing affordable credit and mentorship.
The program addresses the long-standing challenge of high interest rates that often stifle the growth of women-owned businesses. By offering interest-free capital, FCMB aims to boost financial inclusion and strengthen the contribution of women to the national economy. Beneficiaries can access funding ranging from ₦500,000 to ₦10 million, depending on their business category and monthly turnover.
Beyond the financial injection, the SheVentures initiative integrates a holistic support system for business owners. Selected participants will undergo a mandatory three-day intensive online training session designed to enhance their financial literacy, digital marketing skills, and operational efficiency. This capacity-building component ensures that the capital provided is utilized effectively for sustainable business scaling.
According to the Brandspur Banking News Desk, FCMB’s commitment to gender-lens investing has seen thousands of women benefit from previous cohorts, with many reporting significant improvements in their supply chain management and overall revenue. The bank has simplified the application process through its digital portal to ensure accessibility for entrepreneurs across various sectors, including retail, agriculture, and technology.
To be eligible for the facility, applicants must have operated an FCMB business account for at least six months and demonstrate a minimum monthly turnover of ₦1 million. Additionally, the business must be registered with the Corporate Affairs Commission (CAC) and provide a valid Tax Identification Number (TIN). The loan repayment periods are structured between four to six months to align with typical SME cash flow cycles.
Applications are currently being processed online. Interested women entrepreneurs are encouraged to review the specific criteria and submit their documentation promptly to be considered for this competitive funding window.
