Lagos - Diamond Bank has partnered with Shell Petroleum Development Company and GroFin of South Africa to increase lending to small and medium entrepreneurs who face difficulties in accessing credit in Nigeria.
The fund is expected to enhance the operations of indigenous small and medium enterprises through the provision of much needed business development assistance and appropriate finance, reports Energy Mix Report.
The new scheme termed “Aspire Nigeria” with a portfolio of disbursable loan worth $30m will serve as a catalyst for the development and growth of Nigerian Small and Medium Enterprises (SMEs).
The scheme is targeted at Nigerian firms that have limited capability for meeting collateral requirements, and who typically employ fewer than 50 employees, with an annual turnover not exceeding N600 million or gross assets not exceeding N400 million.
Read more at Energy Mix Report