We continue this series on Diamond Bank’s offers for small businesses which we started last week.

We had noted that Diamond Bank has about four variants of packages for small businesses, which they refer to as ‘Emerging Businesses’. They include Emerging Businesses Revolving Loan,  Emerging Businesses Instalment Loan and Emerging Businesses Development Fund. We also noted that they have two other packages, Overdraft and LPO Finance, which are related to credit for small businesses.

In the last publication we began discussion on the  Emerging Businesses Revolving Loan, the purpose and some basic features, as well as some basic requirements for processing your loan application.

To begin the processing of the loan you need to do a letter of application introducing your business and stating what the loan is meant for.

You will also attach the resolution of your company’s board of directors authorizing the loan application if your company is a limited liability company.

But before you can apply successfully the bank says your business should have been in, at least, three months banking relationship with Diamond Bank.

For more details of this loan you need to meet with the bank.

We now introduce the Diamond Bank’s Emerging Businesses Vehicle and Asset Financing designed to get your business on the road to expansion with the opportunity to purchase vehicles and other fixed assets to facilitate your business growth.

Some basic features of the loan includes a lending limit of up to N10 million.

The lending covers a wide variety of assets/equipment including vehicles, generators, computers and other office equipment.

The loan is granted with up to 90days moratorium on repayment where installation of financed equipment is required.

The bank would require your contribution of a minimum of at least 30% of the total value of the loan.

Next week we conclude on this offer and introduce the next offer from the Diamond Bank Emerging Businesses’ loan products.