Sterling Bank extends N1bn credit to women-owned businesses

Sterling Bank Plc says it is prepared to extend N1 billion credit to businesses founded by women across the country with a free interest rate for the first 30 days under its OneWoman initiative.

Its Managing Director/CEO, Mr. Abubakar Suleiman disclosed this in Kano recently while presenting the keynote address at the 5th edition of the Women Founders Conference.

According to him, the bank is set to invest another $100,000 in the next two years in such businesses while adding that the best business is that which is set up to solve a problem.

Suleiman told the audience that as entrepreneurs, the women will always be exposed to diverse opinions but they should always remember why they set up those businesses in the first place.

“When a customer continues to validate the product or service of a business as a solution to its problem, then everyone will queue behind it,” the bank MD said.

Also speaking, the Head of Sterling Bank’s OneWoman proposition, Ifunanya Ugboko, said that the collaboration with the Women Founder’s Conference is evidence of the bank’s commitment to enriching women and lives.

According to her, Sterling Bank, through the OneWoman offering, has created dedicated discounted business loans, support facilities, and capacity-building programs for businesses founded for and focused on women.”

Corroborating her, Co-founder, Startup Kano, Aisha Tofa, said the project was set up in order to create a platform for young people to interact, network and provide solutions and opportunities among themselves on the realization that jobs were unavailable for youths.

It was against this background that Sterling Bank, in collaboration with Startup Kano and with support from one of the national dailies, recently organised the 5th edition of the Women Founders Conference 2022, to focus on mentoring women in start-up businesses as well as to promote the involvement of youths, young women in agribusiness and technology in Kano.

About 800 entrepreneurs attended the programme and 10 entrepreneurs out of about 200 applicants received start-up grants of N50,000 each to support their businesses.