About Access Bank W Power Loan

This article is about Access Bank W Power Loan – a loan specifically tailored for small & medium female entrepreneurs to help them expand their businesses.

Access Bank has a good number of useful loans that cater to different segments of the Nigerian market, like the Access Bank Payday Loan, but this one is targeted at women.

According to Access Bank, the objective of the loan is to close the financial gap for female owned businesses by providing loans and credit facilities. Women with businesses  in the following industries can access the loan: Fashion, Catering/Eateries, Manufacturing, Beauty & Wellness, Hospitality & Tourism, Education, I.T and HealthCare.

What are the requirements for the loan?

One very important thing about Access Bank W Power Loan is that the applying business must be female-owned and, by Access Bank’s definition, it means the business must be at least 50% owned by a woman.

Other mandatory requirements:

  • The business must have been in operation for at least one year, with a minimum annual turnover of N5m.
  • The account the business is applying with must be operated for a minimum of 30 days.

Once all these are met, the applicant has a very good chance of getting their loan approved – subject to other terms & conditions.



What is the maximum that can be loaned?

The maximum that can be borrowed is N100m (Hundred Million Naira), but it depends on the category (tier) the business falls into.

Access Bank has created four tiers, grouped according to factors such as Years of Operation, Staff Strength, and Annual Turnover.

What about the tenor?

The tenor is 12-36 months.

Access Bank W Power Loan Eligibility Criteria

Tier 1

  • Maximum Loan:  N100m (One Hundred Million Naira)
  • Minimum Years of Operation:  10 years
  • Staff Strength:  Minimum of 20
  • Annual Turnover:  Above N300m
  • Equity Contribution:  20%
  • Security:  Legal Mortgage

Tier 2

  • Maximum Loan:  N50m (Fifty Million Naira)
  • Minimum Years of Operation:  5 years
  • Staff Strength:  Minimum of 5
  • Annual Turnover:  Above N100m-N300m
  • Equity Contribution:  20%
  • Security:  All Asset Debenture and Credible Guarantor plus Post-dated cheques




Tier 3

  • Maximum Loan:  N20m (Fifty Million Naira)
  • Minimum Years of Operation:  3 years
  • Staff Strength:  Minimum of 5
  • Annual Turnover:  Above N10m-N100m
  • Equity Contribution:  15%
  • Security:  Credible Guarantor plus Post-dated cheques

Tier 4

  • Maximum Loan:  N5m (Fifty Million Naira)
  • Minimum Years of Operation:  1 year
  • Staff Strength:  Minimum of 2
  • Annual Turnover:  Above N2m-N10m
  • Equity Contribution:  15%
  • Security:  Credible Guarantor plus Post-dated cheques

What is the Interest Rate?

It is 15% p.a

Any additional fees?

One-Off 1% Management Fee

What and what can the loan be used for?

The W Power Loan can be used for the following

  • Asset acquisition and infrastructure upgrade
  • Purchase of raw materials or stock in trade
  • Working capital requirements

How can I apply?

Fill the application here.

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