FG reveals how to access loan from Development Bank of Nigeria

FG reveals how to access loan from Development Bank of Nigeria
The Nigerian government has revealed the criteria for obtaining a loan from the Development Bank of Nigeria (DBN), which they say only companies with less than 250 employees are eligible for.
This was disclosed by DBN’s managing director, Mr. Tony Okpanachi, in a meeting with the Senate ad hoc committee investigating uneven disbursement of its loans. They also noted that their lending criteria are similar to those set by the Central Bank of Nigeria.
Okpanachi told the Senate committee that only small and medium-scale enterprises (SMEs) with less than 250 employees and revenue not above N1.1 billion are qualified to access its loans.
He disclosed that southern Nigerian SME’s have received the most funding due to possessing the most requirements.
- “Our lending has criteria and they are the same as those set by the Central Bank of Nigeria. We do a risk assessment of the Participating Financial Institutions (PFIs) before they begin to lend to businesses. We don’t want to give out money and the money fritters away. So we track the end users of the loans yearly,” he said.
He also said the DBN observed that there were issues with interest-based banking and loans in the north, citing that it has engaged two non-interest banks in Nigeria to cater to that region
The DBN boss said the process is continuous to get more businesses on board and urged participating financial institutions to build the capacity of small-scale businesses and train them on how to structure their businesses to be able to access the loans.
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Who qualifies for the DBN loan?
- All MSMEs (start up or existing) involved in productive enterprises are eligible for the loan. However, they must be customers of eligible financial institutions.
- DBN is poised to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.
- DBN loans can be accessed through PFIs, which include Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs) and other Financial Institutions.
- DBN loan repayment tenure is flexible (up to 10 years with a moratorium period of up to 18 months) and the interest rates are on a market-conforming and fully financially sustainable basis.
How to get a DBN Loan
1. Visit your bank: Commercial Bank, Microfinance Bank, Development Finance Institution (DFI) and other Financial Institutions and indicate you want to apply for a DBN Loan.
2. The Bank appraises the business and loan purpose, and if its assessment is favourable, the Bank applies to DBN for funding.
3. If DBN approves the loan, DBN will disburse to the Bank for on-lending to end borrowers.
You can access the DBN loan through any of these PFIs by contacting any of the banks listed below:
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Access Bank Plc
Onyinyechi.Uba@ACCESSBANKPLC.com,
CorporateFinance@ACCESSBANKPLC.com,
Oreoluwa.Adeyemo@ACCESSBANKPLC.com,
Omotolani.Ketiku@ACCESSBANKPLC.com,
Moses.Osondu@ACCESSBANKPLC.com
Ecobank Nigeria Bank Plc
Ebere Onyenweaku – eonyenweaku@ecobank.com,
TOLARINDE@ecobank.com
Fidelity Bank Plc
Osaigbovo Omorogbe – osaigbovo.omorogbe@fidelitybank.ng,
Jennifer.David-Ake@fidelitybank.ng,
Chiwuike.Okere@fidelitybank.ng
To get a loan, Click Here
FCMB Ltd
Oluremi Agboola – Oluremi.Agboola@fcmb.com,
George.Ogbonnaya@fcmb.com,
Toyin.Ajibulu@fcmb.com
To get a loan, Click Here
First Bank Nig Ltd
GTBank
lucia.jaiyeola@gtbank.com,
kelvin.biiranee@gtbank.com
To get a loan, Click Here
Providus Bank
Enyinnaya Akagha – eakagha@providusbank.com
Stanbic IBTC Bank Plc
Umeasala, Damian – Damian.Umeasala@stanbicibtc.com,
Ojosipe, Ayodele – Ayodele.Ojosipe@stanbicibtc.com
To get a loan, Click Here
Sterling Bank Plc
Union Bank of Nig Plc
aoordia@unionbankng.com,
aebassey@unionbankng.com,
SMEProduct@unionbankng.com
To get a loan, Click Here
Wema Bank Plc
Ololade.Adekunle@wemabank.com,
Arthur.Nkemeh@wemabank.com
To get a loan, Click Here
AB Microfinance Bank Nigeria Ltd
Oladapo.Ikupolati@ab-mfbnigeria.com,
Olukorede.Ekundebe@ab-mfbnigeria.com
Accion Microfinance Bank Limited
Ndubuisi Onuoha – nonuoha@accionmfb.com,
Adetokunbo Elliot – aelliot@accionmfb.com,
Emeka Uzowulu – euzowulu@accionmfb.com,
uchukwu@accionmfb.com
Addosser Microfinance Bank
Olusola Howells – howells.olusola@addosser.com,
deji.sobulo@addosser.com,
oluwaseun.adekanbi@addosser.com
Astra Polaris MFB
Onifade Abimbola – abimbola.onifade@astrapolaris.com, info@astrapolaris.com,
Baobab Microfinance Bank
Achenyo Oyibo – aoyibo@baobab.bz,
cgwehi@baobab.bz
Bosak Microfinance Bank
Toyin Peters – toyinpeters@bosakmfb.com, teepeeters@gmail.com,
FrancisAtiri@bosakmfb.com
To get a loan, Click Here
Davodani Microfinance Bank
johne.ologe@davodanimfb.com,
aayotomi@davodanimfb.com,
ayodejitomi@yahoo.com,
soyebisi@davodanimfb.com,
ufelix@davodanimfb.com
FSDH Merchant Bank
Ayodele Akinwunmi – aakinwunmi@fsdhgroup.com
HASAL Microfinance Bank
bukola.afariogun@hasalmfb.com,
njoel-ezeugo@hasalmfb.com
To get a loan, Click Here
Infinity Microfinance Bank Ltd
Oludotun Adewunmi – g.adewunmi@infinitymfb.com, oludotunadewunmi@yahoo.com,
s.ogunniyi@infinitymfb.com
Infinity Trust Mortgage Bank
Abiodun Akanbi – abiodun.akanbi@itmbplc.com
Jubilee Life Mortgage
Kushiro Roli – rolikushimo@jubileelifeng.com
La Fayette Microfinance Bank Limited
LAPO Microfinance Bank Ltd
Efosa Aigbe – efosa.aigbe@lapo-nigeria.org,
hope.ogbe@lapo-nigeria.org
Mainstreet Microfinance Bank Ltd
Adegoke E. Adegbami – aadegbami@mainstreetmfb.com,
midris@mainstreetmfb.com, midris@mainstreetbankmfb.com
Microvis Microfinance Bank
oolaiya@microvismfbank.com,
oaustin@microvismfbank.com,
eokpanachi@microvismfbank.com
NPF Microfinance Bank Plc
Rotimi Dada – rotoyin1159@gmail.com, rdada@npfmicrofinancebank.com,
cwosu@npfmicrofinancebank.com,
chima_wosu@yahoo.com
Parallex Microfinance Bank
abimbola.akande@parallexbank.com,
femi.otenigbagbe@parallexbank.com
Regent Microfinance Bank
Seedvest Microfinance Bank
Kehinde Oyeleke – kehinde.oyeleke@seedvestgroup.com, oyelek@yahoo.com,
omololaakinjoko1@gmail.com,
jannybee1@live.com
Stanford Microfinance Bank
Vincent Aluu – nellyvingroup@gmail.com
Trust Microfinance Bank
trustmfb@yahoo.com,
debanjajayi@gmail.com,
Sodiyasamusideen@yahoo.com