In a significant stride towards promoting gender equality, inclusiveness, and economic empowerment, Polaris Bank has recently unveiled its initiative to disburse business support loans to female-owned businesses.
The first quarter of 2023 witnessed the implementation of this program, which underscores the bank’s commitment to supporting women entrepreneurs through the provision of soft loans.
With the aim of bridging the existing financing gap and providing a crucial boost to female entrepreneurs, Polaris Bank disbursed loans to nearly 20,000 beneficiaries across various sectors.
This initiative is expected to foster their growth, expand operations, and ultimately contribute to the overall economic progress of the nation.
The sectors that benefited from the loans span a wide range of industries, including transportation, agriculture, education, construction, engineering, general commerce, health, hotel and leisure, manufacturing, and media. This diverse support network ensures that women-owned businesses in various fields can access the necessary funding to thrive and make a lasting impact on Nigeria’s economic landscape.
One of the key selling points of the business support loan at Polaris Bank is its emphasis on prompt service. The bank offers quick turnaround times and instant disbursement of funds, ensuring that entrepreneurs can seize opportunities without delay.
Additionally, the loan terms and conditions are designed to be flexible, providing borrowers with ample room for financial maneuvering.
Competitive pricing, along with invaluable financial education and mentorship opportunities, are other attractive features of the loan package.
Polaris Bank envisions a future where women entrepreneurs play a pivotal role in driving economic progress, fostering innovation, and creating job opportunities.
By empowering women in business, the bank believes that it is contributing to the establishment of a more prosperous and equitable society.
During the first quarter, Polaris Bank also commemorated International Women’s Day with a highly attended webinar titled “Advancing Women Empowerment through the Adoption of Technological Innovation and Digital Education.”
During this event, the bank reiterated the availability of single-digit interest loans for women entrepreneurs who meet the set criteria.
This commitment aligns with Polaris Bank’s dedication to the Nigerian Sustainable Banking Principles, further solidifying its support for female business owners.
Nduneche Ezurike, the Group Head of Brand Management and Corporate Communication at Polaris Bank, expressed the institution’s perspective on this development, stating, “At Polaris Bank, we are committed to building an inclusive economy that provides opportunities for all. We recognize the immense talent and potential of women entrepreneurs and understand the challenges they face. Through our women and female-owned business loan window, we aim to break down barriers and provide the financial support necessary for businesses run by women to flourish.”
Women entrepreneurs seeking to scale their businesses to the next level are encouraged to visit Polaris Bank’s website, www.polarisbanklimited.com, or contact any of the bank’s nearest branches to learn more about the application process and eligibility criteria.
Polaris Bank has earned accolades for its digital prowess, securing the title of Digital Bank of the Year in 2021 and 2022 at the prestigious BusinessDay’s Banks And Other Financial Institutions Award (BAFI).
Additionally, the bank’s utilization of technology to empower the Micro, Small, and Medium Enterprises (MSME) sector earned it the recognition as the best MSME Bank, further highlighting its commitment to supporting the growth and development of businesses at the grassroots level.
