Diamond Business Advantage: A Financial Product For Small Businesses
The Diamond Business Advantage is an Access Bank product to assist emerging businesses in growing without worrying about money. It is designed to meet the funding needs of new and established businesses. It also helps start-ups in making better business decisions, managing cost, and structuring their services to access local and international markets.
- Access to loans; management training and networking opportunities;
business advisory services; payment solutions and personal credit cards; and over 50 courses on the SMEZone.
- Invitation to monthly Business Webinar, Business Clinic and Newsletter.
- Membership of Diamond Club.
- Fee Waiver.
- Zero Current Account Maintenance Fee.
The Diamond Business Advantage is available to Micro, Small and Medium Enterprises in the Agriculture, Trading, Education, Manufacturing, Hospitality and Health sectors.
To open a Diamond Business Advantage Account, visit http://bit.ly/31oZWi6
Who qualifies for the DBN loan?
All MSMEs (start up or existing) involved in productive enterprises are eligible for the loan. However, they must be customers of eligible financial institutions.
DBN is poised to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.
DBN loans can be accessed through PFIs, which include Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs) and other Financial Institutions.
DBN loan repayment tenure is flexible (up to 10 years with a moratorium period of up to 18 months) and the interest rates are on a market-conforming and fully financially sustainable basis.
How to get a DBN Loan
- Visit your bank: Commercial Bank, Microfinance Bank, Development Finance Institution (DFI) and other Financial Institutions and indicate you want to apply for a DBN Loan.
- The Bank appraises the business and loan purpose, and if its assessment is favourable, the Bank applies to DBN for funding.
- If DBN approves the loan, DBN will disburse to the Bank for on-lending to end borrowers.
You can access the DBN loan through any of these PFIs by contacting any of the banks listed below:
Fidelity Bank provides flexible low interest loans and SME-focused financial products and services:
– Commercial Support Overdraft.
– Fidelity Business Plus.
– Fidelity Premium Business Account.
– Commercial Support Short Term Loan.
– Fidelity Eduloan.
– CBN Development Fund.
– Fidelity Private Medical Support Scheme.
– Business Advisory and Mentorship.
– Fidelity Small Business Account.
– Capacity Building.
– Fidelity Pharmacy Support Facility.
– Youth Innovative Entrepreneurship Development Programme.
SME Products Financing:
– Import Finance.
– Oil and Gas Contract Finance.
– Cement Distributorship Finance.
– Invoice Discounting Finance.
– Bonds and Guarantee.
– Telecommunications Distributorship Finance.
– Petroleum Dealership Finance.
– Fast Moving Consumer Goods Key Distributorship Finance.
FIRST CITY MONUMENT BANK
First City Monument Bank offers banking without charges for three months when you open a Business Account.
– Free cheque book.
– Account maintenance for free or monthly flat charge.
– Free bank draft.
– Printing of account statement for free.
– Free counter cheque.
– No bank charge on local transactions.
Terms and Conditions:
– Customer must be new to FCMB.
– Client must be a registered company (SMEs only).
– Customer MUST subscribe to alternate channels:
- Internet banking.
- Mobile banking.
Applicable to SME Local Currency Accounts products
- FCMB Business Account.
- Corporate Current Account.
- FCMB Business Savings Account.
Valid for 90 days for each customer
SME Products Features:
FCMB Business Account
– N25,000 account opening balance.
– N5,ooo minimum operating balance.
– Zero Account Maintenance Fee up to N40million debit turnover.
– Monthly fixed charge as low as N6,350 on N40million debit turnover.
– Access to loan facilities.
Corporate Current Account
– N10,000 account opening balance.
– Account maintenance fee @ N1/mille.
– Zero operating balance.
– Access to loan facilities.
FCMB Business Savings Account
– N10,000 account opening balance.
– N1,000 minimum operating balance.
– Maximum of 2 withdrawal monthly or interest is forfeited.
– Quarterly Interest payment.
– Withdrawal slip not valid for clearing.
GUARANTY TRUST BANK
Loans and Advances: Finance your growth with GTB small business loans.
– GT Business Evolve.
– Hub Advance.
– SME Invoice Discounting Finance.
– Fashion Industry Credit.
– Food Industry Credit.
– Term Loans for Schools.
The term loan for schools is a medium to long term facility aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand. The tenor spans from three to 10 years, giving schools funds up to N400 million.
Facility Type: Term Loans for Schools.
Amount: Minimum of 20,000,000.
Maximum of 400,000,000.
Pricing: Interest rate: Competitive.
Management fee: 1%.
Commitment fee: 1%.
Tenor: Minimum of three years.
Maximum of 10 years.
Repayment: Quarterly repayment of principal and monthly repayment of Interest.
Security: Legal mortgage on the property being financed or alternative property. (Buy). Legal mortgage on an alternative property (Build).
Equity Contribution: 30%.
SME Banking Products:
– Trade Finance.
– Domiciliary Account.
– Dom Extra Account.
– GrowBiz Account.
– Corporate Current Account.
– Savings Account Xtra.
– School Support.
– Shop Owners Advantage.
– Stock Hypothecation.
Loan and Non-Loan products.
– Intervention Funds.
– Value Propositions.
– Growing and Nurturing Your Business.
– Intervention funds at 9% per annum for businesses in the Manufacturing, Education, Agro-allied and Renewable energy.
– Asset financing.
– Invoice Discounting.
– Working capital to boost your business.
– Business Loans to fund long term expansion.
– Merchant Services to accept payments more efficiently.
– Accessing new target market through Yesmall e-Commerce platform.
– Local Purchase Order.
– Union Receivable Discounting Facility.
Union Bank provides short-term funding to SMEs to carry out short supplies by bank-approved counter-parties.
– Maximum: N10M
– Equity Contribution: 30% required.
– Maximum Tenor: 90 days.
– Distributor Finance Scheme.
– Union School Finance.
– Cash Flow Finance.
– SME Lease Finance.
– Short Term Finance.
Short term loan for SME key and sub-distributors:
– Maximum loan amount of N3 million.
– Maximum tenor of three (3) months.
This facility is open to distributors registered as SMEs and trading in their personal names.
UNITED BANK FOR AFRICA
United Bank for Africa caters for the bespoke needs of self-employed business owners: SMEs (Retails Merchants and General Commerce), self-employed professionals, entertainers, start-ups, tech-entrepreneurs and artisans.
- UBA Business Direct Lite (a complete business payment suite, which helps your business get paid, make payments, manage your operations and initiate marketing campaigns).
- Electronic payment channels: PoS, QR codes, Internet and Mobile Banking
- Secured credit facilities for eligible SMEs.
- Dedicated UBA SME Support Centre.
SME Products and Services:
– Express Credit.
– Term Loan.
– CBN MSME.
– Development Bank of Nigeria.
– Asset Finance.
– Local Purchase Order.
– Receivable Discount Facility.
– Contract Finance Facility.
The Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) is a Federal Government Scheme that promotes agricultural businesses, micro, small, medium enterprises (MSMEs) thereby creating an avenue for improved employment generation and sustainable economic development.
This scheme enables Zenith Bank to give businesses the opportunity to access low interest loans in form of Debt or Equity.
– Agricultural sector.
– Real sector including Manufacturing, mining and petrochemicals.
– Service sector including Information and Communication (ICT) and the Creative Industry.
– Other businesses as determined by the Central Bank of Nigeria (CBN).
- Debt Component. This makes up 50% of the funds which will be disbursed as loans to eligible businesses through Commercial Banks.
– Loan Limit: ₦10 million (Maximum).
– Interest Rate: 5% per annum.
– Tenor: Up to Seven (7) years
– Moratorium: Maximum of 18 months on Principal and Six (6) months on Interest.
- Equity Component: This constitutes 45% of the funds which are channelled through Fund Managers for equity investments in agri-businesses and SMEs.
You have to be trained by an Enterprise Development Institution, after which the Application Form will be given to you for completion and submission to the Central Bank of Nigeria (CBN).
CBN will ask banks to verify your account details and then conduct its own assessment before disbursement of funds.
ENTERPRENEURSHIP DEVELOPMEMT INSTITUTION
|1||National Association of Small Scale Industries|
|2||House of Tara|
|3||Small and Medium Enterprises Development Agency of Nigeria|
|5||Lagos State Employment Trust Fund|
|6||EDC – Lagos Business School|
|7||African Leadership Forum|
|8||National Directorate of Employment|
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