Are you a woman seeking for a loan to operate your business? Then you should be interested in the W Power Loan by Access Bank. Basically, this programme was designed by Access Bank to bridge the financial gap in the women’s sector. They do this by offering women-owned businesses loans to run the business.
An Overview of W Power Loan By Access Bank
The W Power Loan by Access Bank is a programme run by Access Bank PLC and aims to empower women. Basically, they do this by providing women with loans to run their businesses. It is a strictly women’s loan programme that is suitable for women in sectors like Manufacturing, Fashion, Education, Hospitality & Tourism, I.T, as well as HealthCare.
What services does the W Power Loan By Access Bank offer?
Basically, the W Power loan offers loan services to women-owned businesses. They grant loans in two broad areas:
1. Term Loan
Term loans are strictly meant for business infrastructure upgrades and asset acquisition. Basically, you can use this loan to purchase machinery, equipment, or any other fixed assets you need for your business.
2. Working Capital
Working Capital loan helps to offset the daily bills your business runs on. Basically, you can use this loan to buy raw materials or pay off other everyday operating expenses of your business.
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How can I apply for a W Power Loan By Access Bank?
If you want to apply for this loan, here’s how to go about it:
1. First, follow this direct link, https://wpowerloan.thewcommunity.com/
2. Next, fill in the application form with the correct details.
3. Lastly, submit your details and wait for a response to your request.
What documents do I need to apply for the W Power Loan?
Here are some documents you will need to apply for this kind of loan:Â
1. Company Registered Name
2. Years of Business Operation
3. Current Address of Operation
4. Nature of Business/Activity
5. Loan Amount Requested
6. Registered Business Address
7. Head Office Address (If different from above)
8. RC or Registration Number
9. Date of Registration
10. Your Office Telephone No
11. Website or Webpage
12. Email Address
What are the requirements to apply for W Power Loan By Access Bank?
Here are what you need to qualify for the loan:
1. You must have been operating your business for at least one year. Also, your business must have at least 5 million Naira annual turnover.
2. If your Access Bank account is still new, you must have operated it for at least 30 days.
3. Some other Terms and Conditions, such as credit history checks may apply.
What is the maximum and minimum loan amount on W Power Loan?
Here is a breakdown of how much loan you can access depending on the requirements you meet:
1. Tier 1
Maximum Loan Amount: N100m (One Hundred Million Naira)
Minimum Years of Business Operation: 10 years
Staff Strength: Minimum of 20 staff
Annual Revenue Turnover: Above N300m
Equity Contribution: At least 20%
2. 2nd Tier
Maximum Loan Amount: N50m (Fifty Million Naira)
Minimum Years of Business Operation: 5 years
Staff Strength: Minimum of 5
Annual Revenue Turnover: Above N100m-N300m
Equity Contribution: 20%
3. For Tier 3
Maximum Loan Amount: N20m (Fifty Million Naira)
Minimum Years of Business Operation: 3 years
Staff Strength: Minimum of 5
Annual Revenue Turnover: Above N10m-N100m
Equity Contribution: 15%
4. Tier 4
Maximum Loan Amount: N5m (Fifty Million Naira)
Minimum Years of Operation: 1 year
Staff Strength: Minimum of 2
Annual Turnover: Above N2m-N10m
Equity Contribution: 15%
Loan Tenor: Between 12 – 36 months
How much loan can I access on W Power Loan?
Depending on the kind of business you run and its risk level, you can obtain up to 100million naira loans. However, you must remember that this loan is just for women-owned businesses. The business must have at least 50% homeownership and must be managed by a woman.
How can I contact W Power Loan By Access Bank?
Here’s how to contact W Power Loan:
Phone Number: +234 1- 2712005-7, +234 1-2802500, 07003000000, 01-2273000
To learn more about the W Power Loan, call Access bank’s hotline 1-2273005
If you want to check your W Power Loan status, just contact ESG Info@esgforwomen.com
Website: www.accessbankplc.com
Bottom Line
The W Power Loan By Access Bank is simply a loan that caters to women-owned businesses. As long as your business fits into the requirements, you have a high chance of receiving the loan. Hence, if you are a female entrepreneur, you can simply apply for the loan by following the steps listed above.
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