DBN loans are meant for micro, small and medium scale enterprises (MSMEs) that are in Nigeria. In today’s write up, we will share with you how you can apply for a business loan from the Development Bank Of Nigeria PLC.
What you need to know about the development bank of Nigeria (DBN) is that it was an initiative by the federal government of Nigeria (FGN) in partnership with the global development to solve most financial challenges that is been faced by almost all micro, small medium scale enterprises (MSMEs) in Nigeria. One of the major reasons for this initiative is to alleviate financial constraints facing the MSMEs and other small corporative in Nigeria via the financial provision and small credit that are guarantee to eligible financial intermediaries.
Who Is Eligible To Apply For The DBN Loans
- The DBN loan is meant for all micro, small and medium enterprises (MSMEs) in Nigeria, both new start up and existing once that are involved in a productive enterprises. So if you fall into this category, then you are eligible for the loan. But however, you must be an active customer with any of the eligible financial institution.
- The DBN loans is meant to give out funding and a risk sharing guarantees via the participating financial institutions (PFI), which the participating financial institutions will now give out the loans to the end borrowers.
- The loans from the development bank of Nigeria plc can be gotten from all the participating financial institutions which also include microfinance banks in Nigeria, development finance institution (DFI) in Nigeria, Nigerian commercial banks and other financial institutions in Nigeria.
- The loan repayment tenure from the development bank of Nigeria plc is very flexible which are up to 10 years and also with up to 18 months of moratorium period. And note that the interest rates are very low and have a full financial sustainable basis.
How To Get The Federal Government Development Bank Of Nigeria (DBN) Loans
- You will need to go to the DBN official web portal to register for the loan through devbankng.com/get-a-loan
- Next, you will need to visit your bank, the bank must either be any development finance institution (DFI), any commercial bank in Nigeria, a Nigeria microfinance bank, and other financial institutions in Nigeria and once you get there, you will need to tell them that you intend to apply for the development bank of Nigeria (DBN) loan
- You will be given a form, then you should carefully complete and fill it with all the necessary documentation before submitting
- The bank were you pick and submitted the form will have to review and appraise the form and the business loan request, once the assessment are favourable, your bank will now apply to the DBN for the funding.
- After the bank must have applied, DBN will review it, and once DBN approves the loan, the DBN will now disburse the loan to the bank for lending to the borrower.