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

Must Read

List of First Bank of Nigeria Sort Codes 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 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 Guaranty Trust Bank 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...
- 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:  Falling Equity Market and the 2019 General Election: Where Lies the Hope?

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
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

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

Inflation In Advanced Economies Remain Below The 2% Threshold

In March 2021, OPEC revised its expectation for oil demand for the year to 96.27 Mbpd (from 96.05 mbpd),...
- 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