Products and Services

Grooming Centre ensures the delivery of microloan and microsavings products and services through strategies that enable clients to repay without stress, according to their financial needs. Our products have proved to be cost-reducing and flexible in practice. Beneficiaries of these products have been able to continuously operate their small income generating businesses profitably and gradually uplift their families because every product and service is tailored to their specific needs. For Grooming Centre, the client is queen.

 PD8

Microloan Products Product details 1

  • Small loan: This product is designed for economically active women to support or create self employment businesses that can improve self reliance and business viability. The first stage of the loan is NGN60,000 and attracts a 15% service charge. The loan and interest are payable in equal instalments over a 23-week [or six (6) months] repayment period with two (2) weeks moratorium. This is the entry loan product of the Centre with a ceiling of NGN150,000.

 

  • Festival Loan: The Festival loan ranges from NGN40,000 to NGN100,000 and is accessible to every registered client that has successfully graduated to the third stage of the small loan cycle. The Centre no longer restricts the disbursement of the Festival loan to festive or culturally-significant seasons of the year. Now, clients can access the loan to benefit from business opportunities that may occur at anytime during the year.

 

  • IFDC Loan: This loan is structured to meet the needs of agro-input dealers. The disbursement and repayment schedule is designed to follow the pattern or cycle of farming and other related agricultural activities. The loan ranges from NGN100,000.00 to NGN500,000.00 and attracts an interest of 14%. The loan is payable over a period of six (6) months.

 

  • Individual Loan: This loan is structured to meet the individual working capital needs of microentrepreneurs to enable them generate additional income, build assets and become self-reliant on a bigger scale. The loan ranges from NGN200,000.00 to NGN500,000 and attracts an interest of 2.5% per month. Both principal and interest are payable on a monthly basis over a period between 1 to 12 months.

 

  • Clean Energy financing: The Centre is in partnership with OVH Energy Marketing Nigeria (formerly known as Oando Marketing), a firm that promotes the use of low cost Liquefied Petroleum Gas in low-income households in Nigeria. The Centre provides loans so that its clients can acquire the gas cook stoves and reduce the use of dirty fuels (wood and coal), thereby promoting a safer and cleaner environment.

 

  • Asset Loan: This product offers individual loan lending advantages with individual liability. The Asset loan does not take into account group dynamics but an individual's credit history with the Centre. The Asset loan targets the needs of clients who wish to obtain a tangible asset that can improve the productivity of their business or help them expand into other businesses of their choice. The maximum loan amount is NGN200,000 with an interest rate of 15% spread over ten (10) months.

 

  • Spring Loan: This is a special loan designed, in collaboration with the government of Osun State, for women clients resident in any of the local government areas of Osun State. Beneficiaries of this loan product range from subsistence farmers to traders. The first stage of the loan is NGN60,000 [they can also apply for a lower first stage loan] payable over a period of six months that attracts an interest of 13% per loan cycle.

 

Microsavings

Grooming Centre encourages clients to save for the future, the unexpected or the unplanned. As a wise woman saves enough provide for the upkeep of her family, it is equally important that they should save for the survival and growth of their business. The Centre advocates a minimum voluntary weekly savings instalment payment of NGN150. This savings product yields an annual 4% interest credited to clients' savings accounts. This product is helping clients to build their own capital over time. Members are free to withdraw their savings at any time.

 

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