The Bank of Industry (BOI) is still receiving applications for its Guaranteed Loans for Women (GLOW) programme, which provides financing of up to ₦50 million to eligible women-owned and women-led businesses in Nigeria across several productive sectors.
The ₦10 billion initiative improves women’s access to affordable finance and business support. The interest rate is 7 per cent per annum.
Under the programme, micro enterprises can access loans of up to ₦10 million, while small and medium-sized enterprises (SMEs) can apply for up to ₦50 million. The money is a loan, not a grant, and successful applicants are expected to repay it under BOI’s terms.
The programme supports registered businesses involved in manufacturing and processing, information and communications technology (ICT), digital marketing, e-commerce, the oil and gas value chain, creative industries, agribusiness, healthcare, education, renewable energy, hospitality, aquaculture, garmenting, bakery, waste management and other value-adding activities.
However, GLOW does not cover ordinary trading or primary agricultural production. The funds are intended for productive business purposes, including purchasing equipment and financing raw materials.
The maximum repayment period for term loans is five years, including a six-month moratorium on principal repayment. BOI may consider a moratorium of up to one year where necessary. Working capital loans have a maximum tenor of three years, including a six-month principal moratorium.
Security requirements depend on the amount requested. Loans below ₦5 million require one external guarantor, while facilities between ₦5 million and ₦10 million require two. Loans above ₦10 million and up to ₦50 million require a bank guarantee or legal mortgage. Other conditions, including a Global Standing Instruction (GSI) mandate, may also apply.
Apart from financing, beneficiaries can receive business development assistance, capacity-building, mentorship and coaching for their businesses.
How to apply
Interested women business owners should visit the official GLOW website at https://glow.boi.ng/ or the BOI intervention funds portal at https://iprogrammes.boi.ng/glow to begin. Applicants must create an account and complete the required identity and business verification.
They should prepare their Corporate Affairs Commission (CAC) registration documents, application letter, business plan or feasibility report, equipment or raw-material quotations, bank statements, valid identification, curriculum vitae and utility bill. BOI may request additional documents depending on the business structure and loan amount. Submit accurate information and review the conditions before accepting any offer.
