Despite this huge contribution of micro, small and medium-scale enterprises, (MSMEs) to the Nigerian economy, the growth of the sector has been hampered over the years due to several challenges, one of which is lack of access to funds. And this is because most commercial banks do not support small businesses and even existing businesses do not have the required collateral.
At SunTrust Bank, we have designed a loan package which helps our SME customers meet their financial challenges, through the SunTrust Bank Flash Loan. This product will enable them have access to fund and expand their business.
The SunTrust Bank’s Women On Wheels (WOW) is an asset finance product targeted at Female commercial car owners from the age of 18-55yrs. It is meant to support these women to own their fleet of commercials vehicles. The idea came as the SME banking group sought innovative ways to ease lending to women and make them have financial autonomy to achieve various desires of nation building and adding to the GDP of the country.
The First phase of WOW which is a SunTrust SME Flash loan was launched in Lagos in April 2021 for about 100 female Drivers and we have been overwhelmed with demands for the above subject from Abuja. This is the reason we are launching the second phase of WOW in Abuja, for another 100 female drivers, with the first 10 female E-hailing customers ready for market.
These women will make daily deposits into their accounts so the repayment at the end of the month will be very easy. The asset is for 24months and at a very low interest rate.
“WOW” is basically designed for women who are into transport business such as Uber, Bolt, etc. Ownership/Insurance will be in the name of the Bank until the final rental to the Bank is paid by the customer.
And all you required to access this facility is to be a licensed female driver, registered with Uber and or Bolt, and a proforma invoice of any car of your choice not older than Uber or Bolt requires. We hope to take this further by partnering with Auto dealers for brand new cars soon.