How To Apply For Development Bank of Nigeria Loan

The Development Bank of Nigeria (DBN) is now providing loans to new and existing business owners across Nigeria in order to encourage the sale of their businesses and long-term economic development.

Entrepreneurs with a creative and inventive attitude, as well as those whose firms provide solutions and jobs to society, are eligible for the DBN loan. You can apply for the DBN loan if you have a business idea or already own a firm in Nigeria.

The loan is open to all Micro, Small and Medium Enterprises (MSMEs) working in productive enterprises, whether they are new or established. They must, however, be clients of qualified financial institutions.

DBN plans to give money and risk-sharing guarantees to Participating Financial Institutions (PFIs), who will subsequently lend to end beneficiaries.

PFIs, which include Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs), and other Financial Institutions, can access DBN loans.

The DBN loan payback length is flexible (up to 10 years with an 18-month moratorium period), and the interest rates are market-competitive and totally financially sustainable.

How to Apply For A DBN Loan

You can apply for a DBN loan at any Commercial Bank, microfinance bank, Development Finance Institution (DFI), or other financial institutions in Nigeria.

The Bank evaluates the business and loan purpose, and if its evaluation is favorable, it submits a funding request to DBN.

DBN will disburse to the Bank for on-lending to end borrowers if the loan is approved by DBN. By contacting any of the banks listed below, you can apply for the DBN loan 2022 through any of these PFIs:

Note that the DBN Loan is only available to new and existing MSMEs.

Source: Nyscinfo