Diamond Bank lists loan conditions for SMEs

Diamond Bank Plc, Nigeria’s leading commercial bank has listed requirements that prospective and existing entrepreneurs in the micro, small and medium scale enterprises (MSME) sector of the Nigerian economy should possesses in order to attract loans.

Mr. Chima Nnadozie, Head, MSME Propositions of Diamond Bank disclosed this in Calabar, the Cross River state capital recently while addressing participants at the 28th Diamond BusinessXpress Enterprise Series.

He said for MSMEs to attract loans from the bank, the entrepreneur should have an account with the bank, invest in the business and have a location from which it operates, remarking that collateral security which used to be a big issue in loan consideration and approval was no longer the case.

Mr. Nnadozie said the Diamond BusinessXpress Account (DBXA) is a current account   tailored to meet the needs of MSME such as hotels, supermarkets, businessmen, professionals, travel agencies, trading outfits, schools, churches, fast food outlets, restaurants, clubs and entertainment outfits.

He said DBXA account is available in three variants: Starter, growing and established; adding that it was designed to add value to micro, small and medium scale enterprises so that entrepreneurs could grow their business with smart banking.

The features and benefits of the account are zero COT, invitation to business development seminars, fixed monthly fee as low as N1,750, easy access to business loans, personal credit cards and access to a personal website at a discounted price amongst a host of others.

Earlier in a lecture titled “Starting Big with the Minimal”, Mr. John Bassey, chairman/CEO, Habitare Group,  a design and building construction firm, listed seven steps to owning a business as: develop a product, package the product, write a business plan, bootstrap the business, moonlighting, get the best help for free and follow the money.

According to him, every great product started as an idea, but not every great idea became a great product, adding that the best product is that which is developed by research.

He defined an entrepreneur as a person who actively form or lead his or her own business and nurture it for growth and prosperity, adding that entrepreneurship is the process of creating something new of value by devoting the necessary time and effort.

He listed some of the qualities of an entrepreneur as initiative, ability see and seize the opportunity, persistence, risk taker, goal setter and goal getter, dedication, networking, driven by excellence, ability to research, planning and self-confidence.

Also speaking, Mr. John Ekpikhe, senior consultant with Mark-George Consultants who made a presentation on business planning explained that before an entrepreneur starts a business, there is need for him to do research on the business and set his goals. He said a business plan was imperative because it is the document that banks and other investors would look at to determine whether to invest in it or not.

Millward Brown Identifies Top 10 Emerging Digital Trends for 2013

Millward Brown, a global research agency, has released its annual top 10 digital and media predictions, highlighting growing trends in the media sector.

Among other trends, ‘Millward Brown’s Futures Group’ believes that the emergence of “mobile as remote” will make it a central pillar of smart communication plans; that omnichannel marketing will help brands build on meaningful moments of engagement, and that social TV will grow up and become part of the narrative rather than a conversation about the narrative.

Global Brand Director for Digital at Millward Brown, Duncan Southgate, said the group expects 2013 to be another dynamic year for online display, mobile and social media.

“Consumers have ever higher expectations of intelligent digital advertising approaches, and marketers will need to deliver more sophisticated campaigns to keep pace with what works.

“With increased power and capabilities, our mobile devices become the remote controls of our lives allowing not only active control of electronics, but seamless integration of the world around us. The new functionality of our mobile “remotes” utilises advanced technology to simplify our lives. Anything that needs a processor to operate can use a smartphone as the “brains.” Brands need to start developing communication plans that adapt to this world. With mobile as the hub, information gathering becomes more centralised as consumers’ trade personal information for convenience and access to events, offers and premium content”.  

Speaking further, he stated that “Omnichannel marketing is about being present or available across the consumer’s behavioural path: each potential contact point integrated with all others. The digital arena will represent the first stage of more brands adopting an omnichannel mindset as social and mobile data sources are blended with offline brand experiences.

“In 2013 the green shoots of omnichannel strategies will involve companies turning existing datasets into active targeting engines. As mobile ad-serving platforms mature this will transition from social apps into ads running across any mobile content. As well as receiving location data, mobiles have the potential to inform nearby digital screens – Minority Report-style tailored out of home advertising content may not be so far away”

Contrary to predictions that the digital age would drag people away from television, he pointed out that TV is still being watched than ever and that people’s viewing experience is being enriched rather than eroded by social networks and dedicated social TV apps like Zeebox.