Development Bank of Nigeria to offer N5b loans to 20,000 SMEs

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The Development Bank of Nigeria (DBN) is gearing up to provide N5 billion to 20,000 Small and Medium Enterprises (SMEs), its Managing Director, Tony Okpanachi, has said.

He said the lending started last November with loans to three of the largest microfinance banks in the country.

“DBN management is taking this phenomenal responsibility very seriously and we are determined to ensure that serious entrepreneurs get the support they need to grow so that the positive impact is felt in their businesses and the economy as a whole,” he said.

On repayment terms for DBN loans, Okpanachi said the institution will “provide funds for up to 10 years in terms of actual repayment period but when necessary we also provide a moratorium of up to 18 months”.

- Advertisement -

He said DBN loan cuts across all sectors. “Our mandate and operations seek to achieve the Nigerian Sustainable Banking Principles (NSBP) of the Central Bank of Nigeria (CBN), where financial inclusion ranks high, as well as the United Nations Sustainable Development Goals and are in line with the Economic Recovery and Growth Plan of the Federal Government of Nigeria,” he said.

Read Also:  COWBELLPEDIA SEMI-FINALIST EMERGES OVERALL SECOND BEST IN THE 2019 UTME

He said another step taken by the bank was the recent shortlisting of seven banks for loan disbursement to entrepreneurs across the country who meet the requirements.

The initial banks whose number is expected to be boosted by others, being processed include commercial banks – Wema, Ecobank, Sterling, Diamond, Fidelity, UBA, and FCMB.

- Advertisement -
Development Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand SpurDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Lagos NIPR Names Ayeni Adekunle PR Practitioner Of The Year

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Development Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand SpurDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand Spur

Latest News

Qatar Airways Touches Down for the First Time in Abuja, Nigeria

The airline will operate three weekly flights from Abuja via Lagos Passengers from Abuja can enjoy more flexible travel options...

Why the South African Rand is 2nd-best performing EM currency

Since the onset of the COVID-19 pandemic, foreign exchange markets experienced a whirlwind of volatility as movement restrictions and a weakened global trade weighed...

Weststar Increases Product Portfolio with Mercedes-Benz Axor

Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria, has announced Mercedes-Benz Axor as its new offering for commercial vehicle fleet owners in...

Ellah Lakes announces a joint venture with Ondo State for the development of Oil Palm and Cassava Plantation

Lagos, November 27, 2020: Ellah Lakes Plc (Ellah Lakes) is happy to announce that it has executed an agreement with Ondo State Government for...

GOtv Nigeria: For the Love of Local Entertainment

In two days, a new cooking and lifestyle show will debut on GOtv, the digital terrestrial television platform from MultiChoice Nigeria. Titled 'Jollof With...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Development Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand SpurDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs - Brand Spur