In October 2013, LAPO Microfinance Bank launched SUFEN (Supporting Female Entrepreneurs).
SUFEN loan product is specially designed to support and empower female entrepreneurs in commerce, trade and manufacturing, with access to business scale up funds. The goal of the scheme is to enable them own large businessess which amongst others will provide employment and make contributions to the national economy. SUFEN product is available in LAPO MfB branches across Lagos, Edo, Ondo and Ogun State.
- Facility range: N300,000 (minimum) to N1,000,000 (maximum)
- Methodology: Individual
- Duration: 1 year maximum
- Grace period: 1 month
- No collateral
- Access to loan for business expansion
- Training on basic financial management, business planning and customer relations
- Flexible repayment structure
- Low interest rate
- Expert financial advice available
- Duly completed application form
- 2 guarantors
- 4 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter's card or international passport)
1. Q: Can I have the option of reducing loan duration?
2. Q: Can I access this loan product to start my own business?
A: No. This loan is for the expansion of existing businesses
3. Q: Can a male client access this loan?
A: No. SUFEN is for female entrepreneurs only.