Women got N100m loans from Biz Development Fund in 2 yrs

Female entrepreneurs accessed a total of N100.15 million between 2014 and 2015 from the Business Development Fund for Women instituted by the Federal Ministry of Women Affairs and Social Development (FMWASD). This was contained in the 2015 annual report and accounts of the Bank of Industry (BOI) released recently in Abuja. In March 2007, the […]

Female entrepreneurs accessed a total of N100.15 million between 2014 and 2015 from the Business Development Fund for Women instituted by the Federal Ministry of Women Affairs and Social Development (FMWASD).
This was contained in the 2015 annual report and accounts of the Bank of Industry (BOI) released recently in Abuja.
In March 2007, the FMWASD released the sum of N90 million to the BOI for management and direct lending to women in business.
The initiative was geared toward deepening the credit extended to female entrepreneurs in all parts of the country who are desirous of transiting their businesses from micro to small scale and later to medium scale enterprises.
The BOI said the interest on the loan is 10 per cent per annum while the Bank earns management fee of 2 per cent per annum of disbursed funds.
Female entrepreneurs can apply to the BOI to access the fund upon meeting certain criteria.
Analysis of the details of the fund showed that female entrepreneurs got N6.61 million loans in 2015, down from the N93.54 million disbursed in 2014.
As at the end of last year, the closing accumulated fund stood at N53.51 million available for women in business to access.