FirstGem Fund from FirstBank boosts Nigerian women-led MSMEs with N500k to N3m single-digit loans at 9%
FirstGem Fund by FirstBank gives Nigerian women-led MSMEs affordable N500k to N3m loans at 9%, with fast disbursement, flexible terms and tailored business support
Why FirstGem Fund matters for Nigerian women entrepreneurs
FirstGem Fund from FirstBank is changing the game for women-led MSMEs across Nigeria by offering affordable N500k to N3m loans at a flat 9% interest rate. The scheme targets female-owned businesses with practical finance that fits local realities—simple documentation, sector focus, and support suited to the Nigerian marketplace.
Beyond the rate, FirstGem Fund delivers tailored business support: mentorship, capacity building, and advisory services that help entrepreneurs use credit smartly. These non-financial elements increase the chance that a N500k or N3m loan becomes a sustainable growth step, not a short-term patch.
Loan structure and key costs
Loans range from N500,000 (N500k) up to N3,000,000 (N3m), with tenures typically 12 months for working capital and up to 24 months for term financing. The headline single-digit rate of 9% p.a. keeps monthly repayments predictable for small businesses operating in Lagos, Abuja, Port Harcourt and beyond.
Borrowers should note one-time charges: a 0.5% management fee and a 0.5% Keyman Insurance fee, both applied to the loan. Even with these fees, the overall cost remains competitive versus informal credit sources, making FirstBank’s FirstGem Fund a practical solution for capitalising stock, buying equipment or expanding service lines.
Who qualifies and which sectors benefit
Eligibility focuses squarely on women-led MSMEs—businesses with at least 51% female ownership and CAC registration. FirstBank accepts applicants from micro to small enterprises, and non-FirstBank customers can apply after opening a Gem Business account and providing a 12-month bank statement.
Priority sectors include agro/agribusiness, food processing and packaging, confectionery and catering, transport and logistics, and beauty and cosmetics. By concentrating on these areas, the fund supports industries where Nigerian women already drive real economic impact.
How to apply and maximise your loan
Application is straightforward: download the Retail Loan Application Form from FirstBank’s site or visit your nearest branch to pick up forms and guidance. Prepare CAC documents, recent business statements, and a clear use-of-funds plan to speed approval and disbursement.
To get the most from a FirstGem loan, present a budget showing how N500k or N3m will increase revenue or reduce costs, and take advantage of FirstBank’s advisory sessions. Proper planning improves approval odds and helps you manage repayments under the 9% rate without stress.