Diamond Bank grants interest free loans to MSMEs

IN living up to itsreputation as afrontline lender to micro, small and medium scale enterprises (MSMEs), Diamond Bank has granted interest free loans up to a maximum of N2million each to five MSMEs who emerged winners of the just-concluded 'Borrow For Free Promo' organised by the bank between June 1st to July 31st, 2011.The Promo, in collaboration with Seancross Marketing Limited, was designed to assist MSMEs to understand the relationship between a business plan and access to finance.It was an opportunity for existing and new customers of the bank's Diamond BusinessXpress Account, who had been asked to submit business plans on an existing or proposed business.The five MSMEs with the best business plans were selected and given the opportunity to obtain interest-free loans up to a maximum of N2 million each to expand existing business or start a new one.Senior Advisor, Retail Banking, Garry Marsh, disclosed that a total disbursable loan package of N10million was made available under the Promo, while the selection process involved several panels , which screened all the business proposals received at branch and regional levels, before passing a shortlist to a central committee who then selected the best five from the pool.'It was a painstaking process which involved a thorough review of over 500 business plans received from across our branch network over a 2 months campaign period. Each proposal was fairly assessed in terms of overall quality with specific attention to feasibility, innovation and business understanding' Garry Marsh said.Beneficiaries are Elizabeth Ejirika, a specialist in grain processing and sales; Tee Martins Global Resources Limited, (fish processing, packaging & distribution); Ozoemena Osita Francis (Vegetable Oil Production); Questill Managers Limited, (newspaper publisher); and Invent Solutions Links Limited, (Tali-wood export).Highlighting the importance of the initiative to Diamond Bank's retail banking strategy; Marsh noted that 'the promotion has further enhanced Diamond Bank's reputation as the MSME Bank of Nigeria. It required entrepreneurs to write a business plan ' some of them did this for the first time.The discipline in doing so can only have enhanced their understanding of their own business and made them better business owners. The winners will now be able to utilise the free borrowing to implement their business plans and grow their business; we look forward to a long fruitful partnership with them.
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