Bank of Industry (BOI)
BOI GLOW loan offers low interest, flexible repayment, and easy accessibility to empower women entrepreneurs and SMEs in Nigeria.
The BOI GLOW (Guaranteed Loans for Women) Loan is designed to empower women-owned and women-led businesses across Nigeria. It features a competitive interest rate, flexible loan tenure, and accessible application terms. While precise rates are subject to eligibility and BOI discretion, applicants often benefit from single-digit interest rates and custom repayment schedules tailored to their enterprise size.
Eligibility generally favours businesses owned or managed by women in any sector, particularly those aiming for growth or expansion. The application process is designed to be straightforward for maximum inclusivity.
How to Apply for BOI GLOW Loan – Step by Step
- Visit the Bank of Industry website and navigate to the GLOW loan section.
- Fill the online application form with required business and personal details.
- Upload requested documents, including evidence of business ownership and registration.
- Submit your proposal for review by the BOI team.
- If approved, review your loan offer and accept the terms to receive your funds.
Pros of BOI GLOW Loan
The BOI GLOW loan stands out for its low interest rates compared to many commercial lenders. This significantly reduces the financial burden on small and growing businesses.
Another key advantage is the tailored support for women entrepreneurs. BOI also offers advisory and mentorship programmes alongside financing, boosting chances of business success for applicants.
Cons of BOI GLOW Loan
One drawback is the sometimes lengthy processing period which may be longer than some digital loan providers. Documentation requirements can also be extensive for first-time applicants.
Additionally, funding is primarily targeted at formalised businesses. Informal businesses or those without registration may be ineligible for support until they regularize their status.
Our Verdict
The BOI GLOW loan is a compelling choice for women-owned businesses seeking low-cost, accessible funding. Its supportive framework and favourable terms can accelerate growth for qualifying businesses.
If you are a female entrepreneur or manage a women-led SME in Nigeria, this programme could serve as a reliable financing solution. Prepare your business documentation and apply to take advantage of this excellent opportunity.