What is FirstGem Loan?
The FirstGem Loan Scheme is single digit loan scheme powered by first bank to help small business owners expand their business.
Eligible Businesses for FirstGem Loan:
MSMEs in the following approved sectors can apply:
- Food / Beverage processing & Packaging Confectionaries
- Catering & Restaurants
- Transportation (Logistics)
- Beauty/cosmetic products
- 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.
FirstGem 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