DBN Loan is for Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. This post is a guide for Nigerians who wish to apply for Development Bank of Nigeria (DBN) Loan for Business. Here I will make it easier for you, on how to apply for FG DBN Loan successfully, see more details below:
What you need to know about FG DBN Loan
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 (MSMEs) in Nigeria.
The major targets is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
Who can apply for FG 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 DBN Loan through online
- 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.
- The Bank appraises the business and loan purpose, and if its assessment is favourable, the Bank applies to DBN for funding.
- If DBN approves the loan, DBN will disburse to the Bank for on-lending to end borrowers.
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