Sun Trust Bank launches ‘Women In Fashion’ product … Beneficiaries laud bank’s initiative

SunTrust Bank Nigeria Limited, has designed a loan package which helps Small and Medium Enterprises (SMEs) customers meet their financial challenges, known as Women In Fashion (WIF). This product is meant to support women in fashion business who make ready to wear cloths and interested in expanding their existing fashion businesses outside the shore of Nigeria.
To create a memorable way to spread the brand’s messages and stand out from the other competitors, SunTrust Bank introduced SME Flash Loans (Women on Fashion) to support women in business who make ready to wear cloths and interested in expanding their existing fashion businesses.
For one to be eligible to access this loan facility, the person must be a woman and must have been in business for 12 months, as well as must have opened an account with SunTrust Bank and operated it for three months and provide a guarantor of level 12 officer in government or Assistant Manager in Financial Institution.
Women can access between N500,000 to N5,000,00 (five hundred thousand to five million naira).
SunTrust Bank Nigeria is launching this phase with 100 women and the sum of N500m.
WIF is for those in ready to wear fashion business only, it is also to encourage export of our local fabrics and give our fashion designers opportunity to play in the global space while earning in forex.
This launch of the Women In fashion is coming on the heels of the launch of the Women on Wheels product which has so far been a huge success.
The managing director of Sun Trust Bank Limited, Mrs Halima Buba said she is happy to be partners in this project. she said, empowering women means empowering a whole nation.
Buba explained that, because of COVID-19, people travel out less frequently now, and coupled with the high foreign exchange (forex) rate, if has now become very difficult to import clothes. So this is to empower our fashion designers, to bridge the gap and reach out to the world.
The Executive Director, Umar Dan Umma said women wear more clothes than men. All shoppings that used to be done in UK and America can be done here. He said we should showcase our own, as the iChinese because of the cheap labour there. “Lets do the Nigerian version”, said Umar.
Afolakemi Shonubi of Bash House of Denim praised the bank and said, one thing she will do with money is to increase her staff to meet demand.
Salihat Rahaman, Producer and Creative Director of Asaya Lagos said, with this, we can do our made in Nigeria. China dos not have ten heads. She expressed happiness to be selected as part of the programme..
” I intend to make good use of this opportunity to make Nigeria to the world”, said Salihat.
kikelomo Onipede, another beneficiary told Blueprint that, she has enjoyed good working relationship with Sun Trust Bank.
People have been asking me how I am doing it, I told them, it is all about SunTrust Bank. People have this ideas, but no resources available. So lets use this opportunity and do it well” she said.
The Micro, Small and Medium Enterprise (MSME) Sector is the mainstay of most developed and developing economies, therefore making significant contribution to employment ratio in this overall economy.
In Nigeria, MSME contributes 48 per cent of the nation’s Gross Domestic Product (GDP), accounting for 96 per cent of businesses and 84 per cent of employment in the last five years.

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