Skye Bank Plc has launched a new product known as Skye Xcel which is designed to take care of small businesses in the country and help them grow into major contributors to national output.

The product focuses on small businesses with a view to helping them improve their work processes as well as making them attractive to banks for financial support. The product requires a minimum balance of N150,000 while owners can enjoy contract financing facility, overdraft and other services.

Speaking at the launch of the product in Lagos on Monday, the bank's Group Managing Director/Chief Executive Officer, Mr. Kehinde Durosinmi-Etti, said the bank came up with the product in order to help small business owners grow their businesses into successful conglomerates.

According to him, such small businesses, if properly managed and funded, could grow into formidable enterprises that would provide employment to the people, contribute to national development and lead the country's march to economic greatness.

The bank chief noted that Skye Xcel would help small businesses to grow and make their projects attractive and bankable thereby attracting funding from the bank. He explained that the Skye Xcel platform would be used to build capacity for small business owners in the areas of record and proper accounting, adoption of formal procedures and processes, among others.

Also speaking at the occasion, the Bank's Executive Director, South South/Retail Banking, Mrs Ibiye Ekong, said the product would transform the small business sector in the country by providing opportunities for them to grow and excel.

The bank director said businesses with annual turn over of between N20 million and N200 million are classified as small businesses, but noted that the bank would give opportunity to other businesses with less annual turnover.

In a similar vein, the bank's General Manager, Retail Banking, Mrs Arinola Kola-Daisi, disclosed that Skye Excel has both the deposit and asset aspects. She explained that a minimum account balance of N150,000 was required while account holders are entitled to overdraft facility, contract financing facility,

The product manager, Mr. Wole Aderinkomi, explained that the product would address the problems associated with small business's inability to attract funding from the financial system. He also said training programmes would be put in place to teach the account operators new skills in managing small business.

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