Diamond Bank Plc has set aside N100bn for Small and Medium Scale Investment Scheme equity and debt investment in 10 start-up companies. The companies were those pioneered by entrepreneurs who emerged winners of the Bright Ideas campaign inaugurated in November 2005.

Promoters of the 10 companies alongside 14 others had earlier been sponsored by the bank to an intensive Entrepreneurial Development and Mentoring training organised by renowned training partners – FATE Foundation and Enterprise Development Service.

A statement from the bank on Wednesday said cheques will be formally presented to the beneficiaries in Lagos on May 18, 2007 to consummate the bank’s promise to “Give Life to Bright Ideas.�

The development, which the bank claimed is the first time a financial institution will pick fresh candidates for entrepreneurial development training and funding, is expected to create jobs for Nigerians, contribute to the wealth creation drive of the government and set the trend for future investments in corporate social responsibility.

The Chairman of the Bright Ideas Project and Diamond Bank’s Executive Director, Retail Banking, Mr. Uzoma Dozie, said the fund comprises of equity investment in four of the 10 companies and debt investment in the remaining six companies.

Dozie hinted that the 10 companies were selected after a painstaking process in which thousands of proposals were received by Diamond Bank in the course of the campaign. He noted that the winning projects represent the most feasible in terms of mass appeal, identified need, opportunity to grow, sector relevance, profitability, management, affordability, employment generation, and impact on the nation’s economy.

He affirmed the bank’s confidence in the success of the entrepreneurs, stressing that having undergone the special Entrepreneurial Development and Mentoring Training, the Bright Ideas promoters have acquired the requisite skills to establish and operate small and medium scale enterprises in their chosen fields.

The bank stated that the companies will soon dot Nigeria’s economic landscape operate in significant areas ranging from bio-diesel production, medicare services, homecare services, and food production among other economically beneficial sectors which will directly impact on the lives of Nigerians.

The Bright Ideas philosophy became Diamond Bank’s new marketing and brand communication message centered on the theme of supporting creative ideas and entrepreneurship.  The bank said it adopted this completely new and exciting approach as a pointer to the future both from a business point of view and from the stand point of national development and economic growth.  - Punch