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.
These development partners include the World Bank (WB), the African Development Bank (AfDB), the KfW Development Bank, the French Agency for Development (AFD) and the European Investment Bank (EIB)
Specifically, all MSMEs (start-up or existing) involved in productive enterprises are eligible for the loan.
Most importantly, you need to know:
- DBN doesn’t lend directly to the public. DBN loans are accessed only through Participating Financial Institutions which include commercial banks, microfinance banks and development finance institutions.
- The DBN loan repayment plans are flexible. There’s a moratorium period of 18 months, after which you begin to repay the loan.
- The loan can be repaid throughout a period of 10 years as approved by your financial institution. The pricing of the loan is pragmatic and referenced to market rates.
- To get a loan, simply visit your bank and indicate that you would like to apply for a DBN loan, if your bank is eligible to access DBN loans, they will then appraise your business and if you are qualified, they will apply for the loan on your behalf. If your loan is granted, DBN will then disburse the funds through your bank to you.
- There are currently 29 financial institutions that have access to this service, to find out which commercial banks and Microfinance banks are eligible, simply log on to https://www.devbankng.com/pfi