The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMe principal mission of the Development Bank of Nigeria is to Increase financial inclusion by improving access to credit finance.
Who qualifies for the DBN loan?
All MSMEs (start up or existing) involved in productive enterprises are eligible for the loan. However, they must be customers of eligible financial institutions.
DBN is poised to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.
DBN loans can be accessed through PFIs, which include Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs) and other Financial Institutions.
DBN loan repayment tenure is flexible (up to 10 years with a moratorium period of up to 18 months) and the interest rates are on a market-conforming and fully financially sustainable basis.
How to get a DBN Loan
1. Visit your bank: Commercial Bank, Microfinance Bank, Development Finance Institution (DFI) and other Financial Institutions and indicate you want to apply for a DBN Loan.
2. The Bank appraises the business and loan purpose, and if its assessment is favourable, the Bank applies to DBN for funding.
3. If DBN approves the loan, DBN will disburse to the Bank for on-lending to end borrowers.
You can access the DBN loan through any of these PFIs by contacting any of the banks listed below:
Diamond Bank Plc
Ayodele Olojede – email@example.com
Fidelity Bank Plc
Osaigbovo Omorogbe – firstname.lastname@example.org
Adegoke Bayo – email@example.com
Wema Bank Plc
Dotun Ifebogun – firstname.lastname@example.org
AB Microfinance Bank Nigeria Ltd
Nnadozie Joseph – email@example.com
Addosser Microfinance Bank
Olusola Howells – firstname.lastname@example.org
Baobab Microfinance Bank
Achenyo Oyibo – email@example.com
Bosak Microfinance Bank
Toyin Peters – firstname.lastname@example.org
Microcred Microfinance Bank Nigeria Ltd
Omar Niaz – email@example.com
Originally posted 2022-08-29 19:21:48.