Loans can be obtained in Nigeria from virtually anywhere and
from anywhere. In addition to traditional financial technology institutions and
banks, small businesses can obtain loans from other sources.
The Development Bank of Nigeria is one of those reliable and
safe places to get loans. We answer questions related to the operation of the
Development Bank of Nigeria, its interest rate, and obtaining loans.
Next, we will discuss some frequently asked questions that
may arise from obtaining a loan from the Development Bank of Nigeria.
How To Get A Loan From The Development Bank of Nigeria
About The Development Bank of Nigeria
The Development Bank of Nigeria is a program launched by the
federal government in association with global development partners. It exists
to address the challenges faced by small and medium-sized enterprises.
Its main objective is to reduce the financial constraints
faced by these entrepreneurs.
How does DBN manage to achieve this? Simple: it provides
financing and partial credit guarantees to suitable financial intermediaries.
Who can benefit from the Development Bank of Nigeria Loan?
As we have established, small and medium-sized businesses
can obtain loans from DBN. We will also reiterate that financial institutions
are channels through which money and risk-sharing guarantees are provided.
To obtain a loan from DBN, it is imperative that the
prospective borrower offers protection to any suitable financial institution.
Furthermore, DBN has listed 10 commercial banks and 15 microfinance banks to
act as intermediaries.
List of Commercial Banks You Can Get DBN Loans From
- Access Bank PLC
- Ecobank Nigeria PLC
- FCMB Limited
- Fidelity Bank
- First Bank Nigeria Limited
- GTBank Nigeria
- Stanbic IBTC Bank PLC
- Sterling Bank PLC
- Union Bank of Nigeria
- Wema Bank PLC
List of Microfinance Banks You Can Get DBN Loans From
- AB Microfinance Bank Ltd
- Accion Microfinance Bank Ltd
- Addosser Microfinance Bank
- Baobab Microfinance Bank
- Bosak Microfinance Bank
- Davodani Microfinance Bank
- HALAL Microfinance Bank
- Infinity Microfinance Bank Ltd
- La Fayette Microfinance Bank Limited
- LAPO Microfinance Bank Ltd
- MainStreet Microfinance Bank Ltd
- Nirsal Microfinance Bank
- NPF Microfinance Bank Ltd
- Parallex Microfinance Bank
- Seedvest Microfinance Bank
- Trust Microfinance Bank
Obtain a loan from the Development Bank of Nigeria
We have summarized the procedures for obtaining the loan
from DBN in three phases:
Visit the bank: Either you decide to go into a commercial
bank or its microfinance version, you can simply apply for a DBN loan. All you
have to do is indicate interest in the application; That step 1 of 3. Should we
also mention that other financial institutions provide this service, unlike
traditional banks?
Reasoned Interest: When indicating interest in a loan
application, the bank evaluates the business owner's purpose and overall
objective. If this process is successful, the bank applies the DBN directly to
the funds.
Get your application: The Development Bank of Nigeria will
need to approve the loan for disbursement. Once completed, commercial banks and
other financial institutions act as intermediaries between the DBN and the
borrower.
When should I complete the loan repayment?
This factor depends on the nature of your business and your
intention to take out a loan. However, the Development Bank of Nigeria provides
an extension of up to 18 months on the basic payment for working capital and
investment projects. After that, you have up to 10 years to make the loan.
What is the loan interest of the Development Bank of Nigeria?
The Development Bank of Nigeria offers flexible interest
rates which are in charge and tied to market rates.
The conclusion
The Development Bank of Nigeria caters to a particular
location. What determines DBN, besides commercial banks, is the long repayment
period. For the latter, they are usually short-lived. However, one connection
between them is that commercial banks, as well as other financial institutions,
are responsible for overseeing and evaluating the PAN provided by IBN.
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