Female Support Loan
At Wema Bank, we believe in supporting businesses and individuals. Female business owners have a special spotlight with our 9% SME Loan. Every quarter, we target businesses owned by women from locations such as Lagos, North/Abuja, South-West and South East as beneficiaries for this product.
This SME loan product has been specially modified to help women in business actualize their financial goals without hassle. Campaign for this product runs within a 3 months period. After this period, loan is then given to selected beneficiaries. Current campaign for this product will be concluded by July 2021. This loan product will help female business owners offset immediate business needs and to restock on finished goods or business products.
With all-in rate of 9%, no need for collateral or guarantor, any female account holder who is an SME is eligible as long as you continue to grow your transactions counts and volume with Wema Bank through our digital channels - ALAT, ALAT for Business and *945#.
How to get started? Start transacting now using our digital channels - ALAT, ALAT for Business and *945#. Walk into any of our branches and open account today if you do not have one and join the activities.
Pharma Loan
This facility is targeted at supporting pharmacy store owners with working capital. Customers can get up to N5m without collateral.
- Available to all licensed retail pharmacies.
- Must have been in business for a year or more.
- Minimum loan amount N100,000. Maximum loan amount N10,000,000.
- Open to new to bank customers.
- Maximum tenor is 12 months.
- Competitive interest rate
- Personal Guaranty of the Promoter /Obligor Supported with Sworn Affidavit of Statement of net worth.
- Insurance covering burglary, fire and special peril noting Wema Bank as first loss payee.
- Certificate of Incorporation / Registration.
- 12 months’ bank statement.
- Customer request letter.
- Copy of current practise license of Pharmacist
- Copy of certificate of retention of premises (issued by Association of Community Pharmacist of Nigeria).
- Execution of Global Standing instruction.
Medi Loan
Wema Medi Loan was designed to meet short term working capital needs of private hospitals, clinics and diagnostic laboratories. Customers can get up to N5m to meet the operational needs of their medical business.
- Available to all licensed private hospitals, clinics and diagnostic centers.
- Minimum loan amount N100,000. Maximum loan amount N5,000,000.
- Open to new to bank customers.
- Competitive interest rate
- Personal Guaranty of the Promoter /Obligor Supported with Sworn Affidavit of Statement of net worth.
- Insurance covering burglary fire and special peril noting Wema Bank as first loss payee.
- Certificate of Incorporation / Registration.
- 12 months’ bank statement.
- Customer request letter.
- Copy of current practice license of Doctor or Medical Lab Scientist, as issued by the Medical and Dental council of Nigeria or Medical Laboratory Science council of Nigeria (MLSCN).
- Execution of Global Standing instruction.
School Support Facility
This loan facility is to support education. Privately owned schools can get up to N10,000,000 to meet the school’s recurrent expenditure.
- Available to privately owned creches, nursery, primary, secondary and vocational schools.
- Minimum loan amount N200,000. Maximum N20,000,000.
- Maximum tenor is 12 months.
- Competitive interest rate
- Termly or monthly repayment.
- Open to new to bank customers
- Customer’s application letter.
- Copy of license to operate issued by appropriate regulatory authority. (i.e., State Ministry of Education).
- Copy of Certificate of Incorporation/Registration.
- Personal Guaranty of the Promoter/Obligor supported with affidavit of statement of net worth.
- Insurance covering burglary and special peril noting Wema Bank as first loss payee.
- Where there is no prior relationship with Wema Bank, the customer shall provide 12months bank statement from other banks.
- Execution of Global Standing instruction.
Development Bank of Nigeria (DBN) Facility
As an SME-friendly Bank, we have partnered with DBN to provide funding to SMEs at a very affordable rate and engender inclusive growth.
- The product finances working capital and fixed asset acquisition.
- SMEs can access up to N200m and Small Corporates can get up to N720m.
- 12 months maximum tenor.
- Competitive interest rate
- Application for the loan facility.
- Business Plan
- Company profile
- 12months Bank statement
- Business Records for micro businesses/Financial Statement for SMEs.
- Copies of incorporation documents.
- Proof of Address and KYC compliance.
- Valid Means of Identification (of Directors/ Partners).
- Cashflow Budget.
- Provision of acceptable collateral.
Green Energy Finance Facility
Wema Bank PLC has launched the Green Energy Finance Facility for small and medium-scale enterprises (SMEs). The Green Energy Finance Facility is a debt financing initiative designed by the bank to help SMEs access affordable capital to acquire renewable energy solutions like solar panels, inverters, and batteries.
Frequently Asked Questions
Q: What is the Purpose of the Green Energy Finance Facility?
A: To finance the purchase of renewable energy solutions like solar panels, inverters, and batteries by small and medium-scale businesses in Nigeria
Q: Who Can Access the Green Energy Finance Facility?
A: New and existing SME customers of Wema Bank PLC
Q: Can SMEs with Existing Loans Access the Product?
A: Yes. SMEs with existing loans in Wema Bank and other banks can obtain loans under the Green Energy Finance Facility, provided that they have not made a late payment or defaulted on those existing loans at any point in time.
Q: What is the Maximum Loan Amount?
A: 10 million naira
Q: What is the Minimum Loan Amount?
A: 500,000 naira
Q: What is the Tenor?
A: Up to 18 months
Q: Is the Business Required to Provide Collateral?
A: No.
Q: Can I Use the Loan for other Purposes?
A: No. The Green Energy Finance Facility is strictly for the purchase of renewable energy products.
Q: Are there Warranties for these Renewable Energy Products?
A: Yes. Wema Bank is collaborating with reputable and leading renewable energy companies and service providers in Nigeria that offer warranties on their products that range from 12 months to 2 years.
A: To access the Green Energy Finance Facility, kindly do any of the following:
- Contact your account officer or Visit any Wema Bank branch that is close to you
or Send an email to smehelpdesk@wemabank.com or nnawetanma@wemabank.com