In a significant move to bolster women-led businesses in Nigeria, AG Mortgage Bank has partnered with Hacey Health Initiative to launch the Empowering Societies Through Investment in Women (ES-TIW) initiative. This program aims to provide N100 million in funding to support 500 women entrepreneurs annually, focusing on nano, micro, and small-scale businesses.
Key Takeaways
- Funding Amount: N100 million allocated for women-led businesses.
- Target Beneficiaries: 500 women entrepreneurs each year.
- Loan Terms: Single-digit interest loans with a maximum duration of 12 months.
- Business Education: Beneficiaries will receive training and mentorship.
- Initial States: The initiative will launch in Lagos, Abuja, Edo, Delta, and Abia.
- Church Partnership: 60% of beneficiaries will be selected from the Assemblies of God Church.
Overview of the Initiative
The ES-TIW initiative is designed to empower women by providing them with the necessary financial resources and education to thrive in their business endeavors. Ngozi Anyogu, the CEO of AG Mortgage Bank, emphasized the importance of this initiative in helping women contribute to their families and communities.
Loan Structure and Support
The funding will be distributed as single-digit interest loans, ensuring that the financial burden on the beneficiaries is minimized. The loans will be available for a maximum period of 12 months, allowing women to manage their cash flow effectively.
To enhance the success of the initiative, beneficiaries will be organized into small clusters of five. This structure not only fosters a sense of community but also ensures that participants can support each other and share resources. Each group will be assigned a mentor to provide guidance and assistance throughout the loan period.
Focus on Community and Church Involvement
A unique aspect of this initiative is its collaboration with the Assemblies of God Church, which has been a foundational supporter of AG Mortgage Bank. Approximately 60% of the beneficiaries will be selected from this community, reflecting the bank’s commitment to giving back to the institution that has supported its growth over the past two decades.
Commitment to Women Empowerment
Both AG Mortgage Bank and Hacey Health Initiative share a vision of creating a society where women are financially empowered. Rhoda Robinson, Executive Director of Hacey, highlighted that this partnership is a testament to their shared commitment to building a financially independent community of women.
Conclusion
The launch of the ES-TIW initiative marks a pivotal moment for women entrepreneurs in Nigeria. With the backing of AG Mortgage Bank and Hacey Health Initiative, this program is set to provide essential resources and support, paving the way for a new generation of women-led businesses to flourish. By investing in women, the initiative not only aims to uplift individual entrepreneurs but also to contribute to the broader economic development of the country.
Sources
- Bank, NGO to support women businesses with N100m — Appointments — The Guardian Nigeria News – Nigeria and World News, The Guardian Nigeria News.
