The Bank of Industry (BOI) has launched the Guaranteed Loans for Women (GLOW) fund, aiming to empower women-owned and women-led businesses in Nigeria. The fund provides accessible financing to help female entrepreneurs expand their businesses, create jobs, and strengthen their participation in the economy. The initiative aims to promote inclusive economic growth.
When is the Application Deadline:
Not specified (apply as soon as possible).
Tell Me About The Award:
The Bank of Industry (BOI) has launched the Guaranteed Loans for Women (GLOW) — a dedicated funding program created to empower women-owned and women-led businesses across Nigeria. GLOW provides accessible and affordable financing designed to help female entrepreneurs expand their businesses, create jobs, and strengthen their participation in the Nigerian economy.
Read More:
- CWAY Foods Graduate Trainee Program 2025 | Career Development Opportunity for Young Nigerians
- Apply for the 2025 Access Bank Entry Level Graduate Trainee Program
Which Fields are Eligible:
GLOW supports businesses in a wide range of sectors, including:
- Manufacturing and processing
- ICT, digital marketing, and e-commerce
- Oil & gas and its value chain
- Creative industry and entertainment
- Agribusiness and its value chain
- Healthcare and fitness
- Education
- Renewable energy
- Eateries and cafeterias
- Cold chain business
- Arts and crafts
- Solid minerals processing
- Aquaculture
- Leather
- Garmenting
- Bakery and confectionary
- Rafia palm processing
- Waste management
- Tourism and hospitality
- Other feasible and value-adding businesses
Type:
Guaranteed / Concessionary Loan
Who can Apply:
Women entrepreneurs who:
- Own or lead a registered business in Nigeria
- Operate an enterprise with clear potential for sustainability and growth
- Have verifiable business documentation (e.g., CAC registration, business plan, etc.)
- Are committed to using the financing strictly for business expansion purposes
How are Applicants Selected:
Selection is based on business viability, sustainability, documentation authenticity, and alignment with BOI’s inclusion and growth objectives.
Which Countries Are Eligible:
Nigeria
Where will the Award be Taken:
Nigeria
How Many Awards:
Not specified (open to eligible women-owned and women-led businesses nationwide).
What is the Benefit of the Award:
Successful applicants will benefit from:
- Easier access to credit for business growth
- Reduced collateral barriers through guaranteed loan structures
- Affordable financing with 7% interest rate (all-inclusive)
- Loan amount of up to ₦50 million
- Loan tenor of up to 5 years
- Mentorship, capacity building, and business development support
How Long Will the Award Last:
Up to 5 years (loan tenor).
How to Apply:
Interested women entrepreneurs should apply via the official Bank of Industry (BOI) portal.
Visit the Award Webpage for Details:
👉 Apply Here
FAQs About Guaranteed Loans for Women in Business (GLOW)
What is ‘GLOW’?×
GLOW is an acronym for “Guaranteed Loans for Women”
What is the GLOW Programme About?×
Guaranteed Loans for Women (GLOW) is an initiative by the Bank of Industry (BOI) designed to empower female entrepreneurs by providing access to tailored financial services, business support, and capacity-building programs. This product aims to address the financial inclusion gap and foster the growth of women businesses in various sectors.
Who is eligible to apply for the GLOW Programme?×
- Ownership/entrepreneurship: A woman owned business is one that has at least 50% ownership by a woman.
- Leadership: A woman-led business is one that has at least 30% women in senior leadership or 30% women on the Board or Investment Committee.
- Employment: Share of women in the workforce up to 30% of the workforce as women
- Supply chain: The enterprise must be committed to supporting women in the supply chain and have one quality indicator in the supply chain beyond compliance.
- Products and services: The enterprise produces or has services that enhance the wellbeing of women/girls or drives gender equity.
What types of businesses does GLOW support?×
GLOW shall provide support in value-adding activities excluding trading and primary agriculture. These include activities in manufacturing, agribusiness, processing, and other ventures contributing to economic diversification and job creation.
What financial support does GLOW provide?×
Beneficiaries would be eligible for a loan of a maximum of N10 million for micro enterprises, and a maximum of N50 million for SME Businesses, which can be utilized for asset and raw material finance.
What is the security requirement for GLOW?×
- For loans below N5m – 1 External Guarantor
- For loans of N5-10m – 2 External Guarantors
- For loans of N10-50m – Bank Guarantee/Legal Mortgage
- Executed Global Standing Instruction (GSI) Mandate
- Security Requirement to be updated to include: All asset debenture on borrower’s asset.
What is the criteria for a Guarantor?×
The guarantors must be verifiable and acceptable to BOI and belong to one of the following categories:
- Civil Servant (Level 8 and above) who should not be more than 50 years old or not more than 25 years in service (whichever comes first).
- Bankers (not below the level of Banking Officer for loan less than N5 millions) and not below the level of Senior Banking Officer for loan higher than N5 million) and must have been confirmed by current employer of a bank acceptable to BOI.
- Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
- Staff (confirmed) of reputable Companies, International Oil Companies, Telecommunications Companies (GSM providers);
- Owners of registered businesses with Corporate Affairs Commission.
NB: The guarantees must be supported by Notarized Statement of Net worth acceptable to BOI.
What is the interest rate of the loan?×
The loan has a 7% per annum interest rate which is inclusive of all application processing fees, with the exception of Insurance and Legal fees.
What can the funds be utilized for?×
The funds can be used for term loans to purchase assets and equipment required for production and working capital for raw materials required for production.
How can I apply for the GLOW Programme?×
All applications must be made through the BOI official website (www.boi.ng)
What documents do I need to apply for GLOW?×
GLOW PRE-APPROVAL AND POST-APPROVAL REQUIRED DOCUMENTS
OPTION 1: ENTERPRISE
Mandatory
- Certification of Registration & Form for registration of business name
- Formal Application Letter on the business letter head
- Feasibility Report/Business case
- Pro-forma Invoice (Quotations for equipment and raw materials)
- Bank Statement of the Business Enterprise/Chief Promoter for a period of one (1) year.
- Means of Identification (i.e. Photocopy of International Passport and Driver’s Licence or Permanent Voter’s Card)
- Curriculum Vitae (CV) of the Promoter and Key Management Staff.
- Utility Bill
Required
- Cash flow projection covering the facility period
- Documentary evidence of unexpired lease on the factory location, If operating from rented premises.
- Networth form, Evidence of assets owned by guarantors
- Means of ID of guarantor and passport photographs
- Passport photographs for Chief promoter
- Copies of necessary industry licences/certification/regulatory approvals such as NAFDAC, SON, etc (As applicable)
- Estimated value of existing assets (for existing business)
- Payroll Report
- BOI Environmental & Social Assessment Questionnaire (find link below)
- HR Policy
OPTION 2: LTD (BELOW N10M LOAN REQUEST)
Mandatory
- Certificate of Incorporation
- Certified True Copy of Form CAC 2 (Allotment of Shares)
- Certified True Copy of Form CAC 7 (Particulars of Directors)
- Memorandum and Articles of Association (MEMART)
- Formal Application Letter on the business letter head
- Feasibility Report/Business case
- Pro-forma Invoice (Quotations for equipment and raw materials)
- Company’s Bank Statement for a period of one (1) year (for existing business).
- Means of Identification (i.e. Photocopy of International Passport and Driver’s Licence or Permanent Voter’s Card)
- Curriculum Vitae (CV) of the Promoter and Key Management Staff.
- Utility Bill
Required
- Recent Tax Clearance Certificate of the company.
- Recent Tax Clearance Certificates of two (2) Directors of the company.
- Evidence of Filing of Annual Returns (up to date) at Corporate Affairs Commission (CAC)
- Passport photographs for Chief promoter
- Passport photographs for two (2) Directors
- Cash flow projection covering the facility period
- Documentary evidence of unexpired lease on the factory location, If operating from rented premises.
- Networth form, Evidence of assets owned by guarantors
- Means of ID of guarantors and passport photographs
- Copies of necessary industry licences/certification/regulatory approvals such as NAFDAC, SON, etc (As applicable)
- Estimated value of existing assets (for existing business)
- Payroll Report
- BOI Environmental & Social Assessment Questionnaire (find link below)
- HR Policy
OPTION 3: LTD (N10-50M LOAN REQUEST)
Mandatory
- Certificate of Incorporation
- Certified True Copy of Form CAC 2 (Allotment of Shares)
- Certified True Copy of Form CAC 7 (Particulars of Directors)
- Memorandum and Articles of Association (MEMART)
- Formal Application Letter on the business letter head
- Feasibility Report/Business case
- Pro-forma Invoice (Quotations for equipment and raw materials)
- Company’s Bank Statement for a period of one (1) year (for existing business).
- Means of Identification of Chief Promoter (i.e. Photocopy of International Passport and Driver’s Licence or Permanent Voter’s Card)
- Means of Identification of 2 Directors
- Curriculum Vitae (CV) of the Promoter and Key Management Staff.
- Utility Bill
Required
- Recent Tax Clearance Certificate of the company.
- Recent Tax Clearance Certificates of two (2) Directors of the company.
- Evidence of Filing of Annual Returns (up to date) at Corporate Affairs Commission (CAC)
- Three years Audited Financial Accounts (for existing business) – by a BOI accredited auditor (find link below)
- Recent Management Account/Statement of Affairs of the Company (for startups)
- Passport photographs for Chief promoter
- Passport photographs for two (2) Directors
- Cash flow projection covering the facility period
- Documentary evidence of unexpired lease on the factory location, If operating from rented premises.
- For Legal Mortgage – Valuation Report on the Property Proposed as Security from BOI’s accredited Valuer. (find link below)
- Letter of Intent for Bank Guarantee
- Copies of necessary industry licences/certification/regulatory approvals such as NAFDAC, SON, etc (As applicable)
- Estimated value of existing assets (for existing business)
- Payroll Report
- BOI Environmental & Social Assessment Questionnaire (find link below)
- HR Policy
POST-APPROVAL DOCUMENTS
- Duly signed Loan Agreement
- Duly signed Irrevocable Personal Guarantee
- GSI Mandate
- Acceptance Letter (acknowledgement and acceptance of Offer)
- CRMS letter of authority (and any other BOI required post-approval letter)
- Receipt of Insurance Fees
GUIDELINES FOR FEASIBILITY STUDY
Do you need help creating a feasibility study? Here are some guidelines to include:
- Information on the company’s activities since incorporation
- Curriculum Vitae of shareholders with at least 5% holding of the company shares and their percentage shareholding
- Details of the project cost as well as the proposed financing plan with realistic assessment and evidence of availability of funds from each source.
- Details of cost incurred on the project till date
- Installed capacity and a detailed analysis of the annual cost production and cashflow and balance sheet projections for at least the first five years with relevant assumptions.
- Detailed technical information covering technology, production process etc.
- Information on Technical Partners (if any)
- Comprehensive list of machinery required, giving detailed specifications, source(s) and prices.
- Details of utility requirements and availability of essential services such as water, power and transport around the project site
- Detailed information on raw material requirements, their sources and unity cost
- Comprehensive list of manpower requirements broken down into categories and salaries
- List of existing management and staff including qualification, designation and annual remuneration (for expansion projects only)
- Detailed market study report, covering the following area:
- Supply analysis with information on names, location and installed capacities of existing and known potential competitors, import data for the products(s), trend pf future supply (local + import)
- Demand analysis comprising factors influencing demand, estimate of domestic demand, export potentials – all based on current and future trends.
- Market prospects with information on existing planned marketing arrangements, distribution strategies, current and proposed selling prices vis-à-vis competitors, prices (local and import prices)
- For on-going projects, provide the existing, Expansion/Diversification and Consolidation projections covering Profit and Loss Accounts, Cash Flow Analysis and Balance Sheets for a period of five (5) years. Also provide the detailed information/data assumptions used in the above projections.
What are the repayment terms for GLOW loans?×
- Repayment is typically on a monthly basis or in line with the business cycle where expedient.
- The maximum tenor for Term loan is five (5) years, inclusive of a six (6)-month moratorium period (or up to 1 year where considered necessary) on Principal repayments from the date of loan disbursement.
- The maximum tenor for Working capital loan is three (3) years (inclusive of a six (6)-month moratorium period on Principal repayments from the date of loan disbursement.
What support is provided beyond financial assistance?×
All beneficiaries of the GLOW Programme will also be provided the following support:
- Strategic business development services
- Practical training and capacity-building workshops
- Mentorship and coaching from industry leaders
How are beneficiaries supervised under the GLOW Programme?×
Beneficiaries are subject to regular monitoring and evaluation activities conducted by BOI Project Officers to ensure compliance with programme guidelines, effective utilization of resources, and progress towards program objectives.