Plans have been finalized by Diamond Bank Plc to lend out N300 million to operators in the micro, small and medium scale businesses in the country, before the end of April this year.
In a statement by the Bank, it acknowledged that the economy maybe showing some signs of slowing down and understanding that small businesses are the catalysts for the growth of the Nigerian economy, it is launching a new lending product designed to help micro and small businesses.
Working with the International Finance Corporation (IFC), Diamond Bank has launched a revolving lending facility designed to supplement business capital and iron out cash flow difficulties. An initial tranche of N300 million has been made available to lend, with the expectation that this will be fully utilized by the end of April 2009,” it said. Adding that further trenches of lending will be available in due course.
Commenting on the new product, Mr. Emeka Onwuka, group managing director/CEO Diamond Bank Plc stated that the timing of the product launch could never have been more auspicious than now.
“We are determined to support our SME customers even when times are difficult and our intention is to remain the leading SME Bank in Nigeria. We expect high demand for this lending and encourage our customers to visit their branch and speak with their account officer, he said”
He further stated that expanding lending to micro, small and medium enterprises is an important part of Diamond Bank’s growth strategy and it is a key driver of its retail banking initiative.
“Also working with IFC”, he said, “will enable the Bank to better reach smaller businesses, which contribute substantially to Nigeria’s economy”.
Diamond Bank had before now partnered with Shell Petroleum Development Company and GroFin of South Africa to float a $30m fund branded Aspire Nigeria to serve as a catalyst for the development and growth of Nigerian Small and Medium Enterprises (SMEs).
