The Bank of Industry has opened applications for GLOW Guaranteed Loans for Women a ₦10 billion fund offering women-owned and women-led businesses across Nigeria up to ₦50 million at a 7% annual interest rate, all-inclusive of application processing fees. This is a genuinely well-documented, currently active program, not a vague or unconfirmed claim. This guide covers the full loan structure, eligible sectors, required documents, and exactly how to apply.

About GLOW

GLOW was created by BOI in partnership with the National Credit Guarantee Company (NCGC), supported by international frameworks including the African Development Bank’s AFAWA initiative, specifically to bridge Nigeria’s gender-financing gap, estimated at over $42 billion. The NCGC provides a 25% guarantee cover on approved loans, meaningfully reducing the collateral burden that has historically kept many women entrepreneurs from accessing formal business financing.

This kind of structured, guarantee-backed financing addresses a genuinely well-documented problem in Nigeria’s business landscape: women entrepreneurs have historically faced disproportionate difficulty securing traditional collateral-based loans, even when their businesses are viable and growing. GLOW’s design directly targets that specific barrier rather than simply offering another generic SME loan product.

Loan Amounts and Terms

• Up to ₦10 million for micro-enterprises.
• Up to ₦50 million for small and medium enterprises (SMEs).
• A 7% per annum interest rate, described as all-inclusive of application processing fees insurance and legal fees are charged separately.
• A repayment tenor of up to 5 years, giving businesses genuine breathing room to grow into their repayment obligations.
• Funds can be used as term loans to purchase equipment and machinery, or as working capital for raw materials needed in production.

Sectors GLOW Supports

GLOW targets “value-adding” businesses across a wide range of sectors, including manufacturing and processing, ICT, digital marketing and e-commerce, the oil and gas value chain, creative industries and entertainment, agribusiness 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 confectionery, waste management, and tourism and hospitality. This breadth means a genuinely wide range of Nigerian women-led businesses have a realistic shot at qualifying, provided they fall within these value-adding categories.

Worth noting specifically: GLOW explicitly excludes primary agriculture and general trading from its scope, focusing instead on industrialisation and value-adding economic activity. If your business falls into either excluded category, this particular fund isn’t the right fit look into BOI’s other sector-specific interventions instead, since the Bank offers separate financing programs better suited to primary agricultural production and general trading businesses.

Eligibility Requirements

• Your business must be women-owned or women-led.
• Registered as a Limited Liability Company or Business Enterprise operating in Nigeria.
• Both micro-enterprises seeking smaller capital injections and SMEs ready to scale are eligible.
• Your business must fall within one of GLOW’s supported “value-adding” sectors, not primary agriculture or general trading.
• Complete and accurate business registration documentation, including your TIN and formal business registration number.

How to Apply

1. Visit the official GLOW portal directly at glow.boi.ng, or register through iprograms.boi.ng/glow both are genuine BOI-affiliated addresses. Don’t use any third-party link.

2. Register with your BVN, NIN, business name and registration number, TIN, and business location.

3. Complete the application form, indicating your desired loan amount and intended use of funds this determines exactly which supporting documents you’ll need to provide.

4. Upload your required documents, which have included a one-year bank statement for the business or chief promoter, a valid means of identification, your CV and that of key management staff, and evidence of an unexpired lease if operating from rented premises.

5. Submit your application and track its status directly through the portal.

How Applications Are Assessed

BOI has stated that selection is based on business viability, sustainability, documentation authenticity, and alignment with the Bank’s broader inclusion and growth objectives. Beyond the loan itself, successful applicants also gain access to mentorship, capacity-building workshops, and strategic business development support from industry leaders GLOW has been described as a “credit-plus” model rather than pure financing alone. This combination of funding and structured support is worth weighing when comparing GLOW against other, purely transactional business loan products.

No Unofficial Application Fees

Apply only through glow.boi.ng or iprograms.boi.ng/glow. Do not pay any individual or agency claiming they can guarantee your approval or expedite your application outside these official channels treat any such request as fraudulent, regardless of how convincing or official-sounding the claim might be.

Frequently Asked Questions

Is the BOI GLOW Fund currently open?

Yes, applications are open. Given the scale of the ₦10 billion fund and the strong documented interest, apply as early as possible with complete, accurate documentation.

How much can I borrow?

Up to ₦10 million for micro-enterprises, or up to ₦50 million for SMEs, depending on your business size and needs.

Can agricultural businesses apply?

Primary agriculture is explicitly excluded from GLOW’s scope, which focuses on value-adding, industrial activity instead agribusiness value chain activities beyond primary farming may still qualify, so check the specific classification of your business.

What’s the real interest rate, including fees?

7% per annum is described as all-inclusive of application processing fees. Insurance and legal fees are charged separately from this rate.

Is there a registration fee to apply?

Applications are made directly through BOI’s own official portals; no third-party fee should be required to register or apply.

What does the 25% NCGC guarantee actually mean for me?

It means the National Credit Guarantee Company backs a portion of your approved loan, which reduces how much collateral you personally need to provide a genuine practical benefit for entrepreneurs who might otherwise struggle to meet a traditional bank’s full collateral requirements.