Group Canvasses Single Digit Loans for Women in Businesses

The Women Entrepreneurs and Professional Development Network (WEPDN) has called on the federal government to provide single digit interest loans to support women in businesses in the country.

The president, WEPDN, Mrs. Affiong Ibanga, explained that financial institutions must seek ways to support women in businesses with single digit rate at five per cent to achieve inclusive economic growth.

Ibanga stated this on the sidelines of an event organised by the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment to celebrate International Women’s Day (IWD) 2024 themed “Inspire inclusion: Economic inclusion of women entrepreneurs NANOs/MSMEs at the grassroots/community levels” in Lagos State.

“We want the financial institutions to come down on their interest rates and most of their requirements too for example the collateral while also finding ways to accommodate women as far as access to loan is concerned. We need an interest that we can manage for example like 5 per cent that would be easy to pay back,” she said.

According to her, access to finance is still the major challenge hindering women in businesses in the country,” she said.

Also speaking at the event, the Cluster Head for Agric, WEPDN, Sarat Onibudo, said it is envisioned that the collaboration will set a clear part for the empowerment of women to be self-reliant.

“Our aim is to provide a platform for the promotion of women businesses, access to markets, international exposure as well as the opportunity to exhibit their innovative ideas, products, and services while also supporting the women at the grass root and community level through access to funds, access to markets and mentorship,” she said.