Enterprise Bank Limited at the weekend announced the introduction of a new product called â€˜Enterprise Boost Accountâ€™ to boost the growth of Small and Medium Scale Businesses (SMSBs).
The bank said the move was in line of its desire to continually satisfy the aspirations of its customers.
The product, according to a statement, was designed to immensely reduce the cost of doing business given the great environmental challenges that SMEs face in their operations. Some of the challenges include unstable power supply, poor transportation systems, paucity of skilled manpower among others.
â€œThe Enterprise Boost Account is in two major categories, namely, Classic Boost Account and Premium Boost Account with opening balances of N20,000 and N50,000 respectively.
â€œWhile the Classic account is targeted at SMSBs with annual turn-over of N240million the Premium boost account is for businesses with annual turn-over of N480million,â€ the statement explained.
Other benefits of the new product are access to a MasterCard debit card, free monthly e-statement of accounts, flexible account management, own company’s website at a discounted rate, access to short/long term loans, internet and mobile banking facilities as well as wide network of branches nationwide.
Furthermore, the statement noted that the product would immensely support small scale businesses and build them up to solid enterprises so as to contribute their quota as the engine of economic growth in our society.