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How To Apply For FirstGem Loan

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Are you looking for how to get and apply for Firstgem loan by first bank then this article is for you with all the necessary information.

Do you require a business loan to help grow your company’s growth? If so, be attentive to this info to learn how to apply for the First Bank N500,000 – N3m FirstGem loans scheme. FirstGem is First Bank’s gender-specific single-digit loan to women who work within Micro, Small and Medium Enterprises (MSMEs) in Nigeria to help women to satisfy their capital requirements and financial needs for asset financing..

FirstGem Loan
FirstGem Loan

Businesses that qualify for First Gem loans

Your business should be classified in one of the following categories:

  • Processing of food or beverages, or packaging
  • Catering and Restaurants
  • Transportation
  • Cosmetic and beauty products
  • Agric or Agro Allied
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FirstGem loan requirements

  • Women should own your own business within the above mentioned categories (or at the very least 51% female-owned control of the company).
  • The company must register by the Cooperate Affairs Commission (CAC).

FirstGem Loan Features

  • It is the limit on the amount that you can get is N500,000 and the maximum amount is N3million.
  • The rate of interest for the credit is 9.9% annually.
  • The period for repayment will be 12 months in the case of Working Capital and 24 months for Term Loans.

Please take note the fact that customers from other banks are able to apply for a loan based on the provision of a 12 month business account statements from another bank as well as the opening the Gem Account for Business. However, customers in the FMCG or the Fashion sector aren’t able to get access to the FirstGem funds.

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FirstGem registration procedures

For a loan application for FirstGem loan, follow the steps as follows:

  1. Download The First Gem loan application form.
  2. Print the form out and fill in the appropriate details.
  1. Complete the form and return it to the closest Firstbank branch.

For further details For more details, contact the closest Firstbank of Nigeria branch.

FirstGem Current Account

This account has been designed to meet the needs of women who are 18 and over, regardless of whether they are working professionals or entrepreneurs . It is available as two (2) types: current and savings accounts.

Product Features

  • The minimum balance opening requirement is N10,000.
  • Customized debit MasterCard
  • Internet Banking
  • The charge for account maintenance is N0.90/Mille per month.
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Requirements for account opening

  • Two (2) acceptable references
  • Utility Bill
  • Valid identification means
  • Other requirements for opening a Current Account (for Individual & Corporates)

Benefits to Customer

  • Access to certain Trainings and leadership programs on women’s empowerment
  • Business development services to access CBN/BOI’s intervention funds at the single digit rate of interest
  • Skills in business for managing wealth and investment strategies
  • Services for advising for accessing the CBN N220 billion MSME intervention fund with 9percent
  • Access to health and medical events and programs organized by the Bank for women
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