By Stanley Opara

Wednesday, 15 Dec 2010

Diamond Bank Plc has lent about N10bn to support small business in the country in the face of the global economic lull.

The bank reiterated its support for SMEs in the country, expressing willingness to lend to small operators and boost their operations more next year.

The bank‘s Head, Micro, Small and Medium Enterprises Proposition, Mrs. Chidinma Lawanson, disclosed this during the bank‘s Business Development Seminar held in Lagos.

According to a statement issued by the bank, she also disclosed that the institution had concluded plans to unveil products that would enhance the business of female entrepreneurs in the country. Lawanson added that Diamond Bank was partnering the International Finance Corporation to create the gender based products as a means of encouraging more women to succeed in business.

She said the bank had set aside funds that would be channeled towards lifting the businesses of those who operate in the health sector. She added that the DiamnodXpress Enterprise Development Series which started last year had gone round many cities, mentoring entrepreneurs across the country.

She said, ”We have been getting positive feedbacks from our customers who tell us they are pleased with the way the bank cares for them by encouraging them to improve on their businesses. We intend to continue the programme next year.

”We strongly believe that this initiative is a good thing for the economy because if the SMEs grow their capacity, they will be able to employ more people. That may also translate into more customers for us.”

Lawanson noted that the DiamondXpress account welcomed up to 250 new customers monthly, adding that the bank lent hundreds of millions of naira monthly to entrepreneurs.

She stated, ”Our expectation is to double our lending to small businesses in 2011 as a way of reinforcing our support for the sector. We have done over N10bn this financial year and I am sure that next year, we will do more.

”We took this bold initiative after assessing the challenges faced by some Nigerian entrepreneurs and that is what Diamond BusinessXpress product is addressing. It was specifically to add value to businesses, whether a micro, small or medium scale enterprise.”

According her, the product is designed to help the bank‘s customers under the category to grow their MSME businesses and graduate them to the upper level market.

”We offer you a proposition. Because we understand your need for a flexible account that will allow you to carry out your transactions at a minimal rate, we have given you an account with zero COT. Our modest fixed monthly service fee means you can carry out numerous transactions every month without worrying about COT. Your savings can then be ploughed back to the business,” she said.

 

Source: Punch