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