The Micro, Small and Medium Enterprise (MSME) Sector is the mainstay of most developing economies, therefore making it a significant contribution to employment ratio in this sector.
In Nigeria, MSME contributes 48% of the nation’s GDP, accounting for 96% of businesses and 84% of employment in the last 5 years.
Despite the huge contribution of MSME to the Nigerian economy, the growth of the sector has been hampered over the years due to several challenges. One of which is the lack of access to funds, as most commercial banks do not support small businesses and existing businesses do not have the required collateral.
In the today’s competitive market, catching the attention of your target audience is getting more challenging every day, and therefore engaging small businesses like the Fashion industry is paramount, especially, as the Government is trying to grow the SME sector with the ease of access to loans and financial advisory.
SunTrust Bank Nigeria Limited, has designed a loan package which helps our SME customers meet their financial challenges, known as Women In Fashion (WIF). This is a product to support women in fashion business who make ready to wear cloths and interested in expanding their existing fashion businesses.
To create a memorable way to spread the brand’s messages and stand out from the other competitors, SunTrust Bank introduced SME Flash Loans (Women on Fashion) to support women in business who make ready to wear cloths and interested in expanding their existing fashion businesses.
For you to be eligible to access this loan facility, you must be a woman, you must have been in business for 12months, you must have opened an account with SunTrust Bank and operated for 3months and provide guarantor of level 12 officer in government or Assistant Manager in Financial Institution.
Women can access between N500,000 to N5,000,00 (five hundred thousand to five million naira).
SunTrust Bank Nigeria is launching this phase with 100 women and the sum of N500m.
WIF is for those in ready to wear fashion business only, it is also to encourage export of our local fabrics and give our fashion designers opportunity to play in the global space while earning in forex.
This launch of the Women In fashion is coming on the heels of the launch of the Women on Wheels product which has so far been a huge success.