The Bank of Industry has opened applications for the N10 billion GLOW Fund initiative, also known as Guaranteed Loans for Women. According to the Bank, GLOW is designed as a transformative solution to support the growth of women-owned businesses across different sectors, whether they are just starting out or preparing to scale. The loan offers a tenor of up to 5 years, with an interest rate of 7 percent per annum, described as all-inclusive. The obligor limit is set at up to ₦50 million.
The Bank listed key benefits of the programme, noting that applicants can expect low interest, mentorship, quick approval, and skill development opportunities. The target market includes registered Limited Liability Companies and Enterprises operating in sectors such as manufacturing and processing, ICT, digital marketing and e-commerce, oil and gas and its value chain, the creative industry and entertainment, agribusiness and its value chain, healthcare and fitness, education, renewable energy, eateries and cafeterias, cold chain business, arts and crafts, solid minerals processing, aquaculture, leather, garmenting, bakery and confectionary, rafia palm processing, waste management, and tourism and hospitality.
BOI stated that eligibility is strictly for women-owned businesses. Required documents include BVN, NIN, business name and registration number, TIN, and business location. The loan amount and use of funds selected will determine the specific documentation required from each applicant. Applicants can track the status of their loan application on the portal.
Interested applicants are to apply through https://iprogrammes.boi.ng/register.
About
BOI recognizes women’s economic empowerment as essential to national growth. The Bank explained that it has embedded gender considerations across its operations and has a dedicated Gender Business Desk. It stated that its mission is to close the financial gap and fuel the rise of bold, visionary female entrepreneurs.
