Development Bank of Nigeria Loans for Business Owners – The Development Bank of Nigeria (DBN) has made loans available for young business owners. Nigerians with small scale business can apply for loans at Development Bank.
Who qualifies for the DBN loan? / Development Bank of Nigeria Loans for Business Owners
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All MSMEs (start up or existing) involved in productive enterprises are eligible for the loan. However, they must be customers of eligible financial institutions.
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DBN is poised to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.
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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 /
Development Bank of Nigeria Loans for Business Owners
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:
Click, See Lists of Participating Banks
To be eligible to receive financing from DBN, the PFI shall have met the minimum eligibility requirements set out below on the Cut-Off Date. The PFI shall maintain the minimum eligibility requirements throughout the Financing Period.
DBN or its representative will conduct an annual due diligence process to confirm that the PFI is not in breach of the minimum eligibility requirements and may declare all advances to the PFI immediately payable if the PFI is in breach of one or more of the requirements or fails to remedy the breach of a requirement within any grace period allowed by DBN at DBN’s absolute discretion.
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To be eligible to receive financing from DBN, the PFI shall:
– hold a duly issued and valid license from CBN to carry on business as a bank or finance company;
– demonstrate within the three most recent financial years, two years of profitable lending operations, with effective risk management procedures, controls, and acceptable levels of loan portfolio quality and performance;
To read more about our Eligibility Criteria please CLICK HERE
To complete our Eligibility Criteria Questionnaire (ECQ), kindly CLICK HERE