FirstGem MSME Loan Fund Scheme – How to Apply

How To Apply For 500k Or N3M FirstGem Loan Scheme

First Bank FirstGem MSME Loan Fund Scheme Application Form

What is FirstGem?

The FirstGem Fund Scheme is FirstBank’s gender support single-digit loan for women in MSMEs, to enable them meet their working capital and asset finance needs.

Features

• Min amount of N500, 0000 and Maximum of N3,000,000 (based on eligibility)
• Interest Rate – 9% p.a
• Tenor 12 – 24 months based on facility type
• Management fee: 0.5% flat (one off)
• Keyman Insurance: 0.5% (one-off)

Facility Type

• Working Capital – To purchase raw materials or stock in trade.
• Time/Term Loan – To purchase assets (specialized assets may be financed on exceptional basis)

Target Market

• Women Owned /Led MSMEs in the following sectors
• Food / Beverage processing & Packaging
• Beauty and cosmetics
• Confectionaries, Catering & Restaurants
• Transportation (Logistics)
• Agric/Agro-Allied (retail value chain)

Eligible Business:

MSMEs in the following approved sectors can apply:

1. Food / Beverage processing & Packaging Confectionaries
2. Catering & Restaurants
3. Transportation (Logistics)
4. Beauty/cosmetic products
5. 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. 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 How to apply:

 How to Apply

• Download the Retail Loan Application Form
• Complete the form and with the accompanying documents, submit at the nearest FirstBank branch

Register for FirstGem Loan News

To know immediately about the FirstGem Loan application form, Loan Disbursement, Grant, Support, Loan Status, FirstGem registration portal, application form, shortlist status and all the updates regarding Youth Investment in the near future, you can subscribe to our VoiceofNigeria Free Email Alert Service. Surely you can get an instant email of the latest alerts.

Steps to Register Free 

• First enter your email id in following text box

• Email Address

• Click on “Register” button
• Login your email and verify your free subscription.