The Development Bank of Nigeria Loans which is popularly known as DBN Loans is straightforward and simple to access, once you are familiar with its application requirements.
This article will expose you to everything you need to get a business loan from the Development Bank of Nigeria. Whether you are a startup or an existing business, you can secure funds from the Development Bank of Nigeria easily.
According to the Development Bank of Nigeria, there are over 37 million startups and businesses in the country. These MSMEs contribute 50% of Nigeria GDP’s and less than 5% of them have adequate fundings. Which implies that most startup does not have adequate fundings to carry out the necessary business activities thereby restricting their growth. This is what propelled the Development Bank of Nigeria to partner with Federal Government and organizations to provides loans for small businesses.
What is Development Bank of Nigeria(DBN) Loans all about?
The Development Bank of Nigeria(DBN) with the support of the Federal Government of Nigeria and some other global organizations has started providing loans to business owners and startups.
As popular called, DBN loans are provided to address the financial challenges faced by many small businesses. It is accessible by all micro, small, and medium-scale enterprises or businesses in Nigeria.
DBN loans are for MSMEs but not applied for directly by them. The loan is applied through Participating Financial Institutions(PFIs) who screened businesses that are eligible for the loans. The Participating Financial Institutions include commercial banks, microfinance banks, and development banks that partner with the DBN in the disbursement of the loans.
The PFIs are the ones that help businesses to apply for loans after verifying the needs of loans by the business. They are also responsible for sharing of the loans once it is approved by the DBN.
Below are some of the PFIs bank with the e-mails addresses of their representatives.
Access Bank Plc
You can send messages to any of these e-mail addresses for people using Access bank
Ecobank Nigeria Bank Plc
You can send messages to any of these e-mail addresses for people using Ecobank Nigeria Bank Plc
Fidelity Bank Plc
You can send messages to any of these e-mail addresses for people using Fidelity Bank Plc. By contacting;
First Bank Nig Ltd
- Enyinnaya Akagha – [email protected]
Stanbic IBTC Bank Plc
Sterling Bank Plc
Union Bank of Nig Plc
Wema Bank Plc
AB Microfinance Bank Nigeria Ltd
Accion Microfinance Bank Limited
- Ndubuisi Onuoha – [email protected]
- Adetokunbo Elliot – [email protected]
- Emeka Uzowulu – [email protected]
- [email protected]
Addosser Microfinance Bank
Baobab Microfinance Bank
Bosak Microfinance Bank
Davodani Microfinance Bank
FSDH Merchant Bank
- Ayodele Akinwunmi – [email protected]
HASAL Microfinance Bank
Infinity Microfinance Bank Ltd
Infinity Trust Mortgage Bank
- Abiodun Akanbi – [email protected]
Jubilee Life Mortgage
- Kushiro Roli – [email protected]
La Fayette Microfinance Bank Limited
LAPO Microfinance Bank Ltd
Mainstreet Microfinance Bank Ltd
Microvis Microfinance Bank
NPF Microfinance Bank Plc
Parallex Microfinance Bank
Regent Microfinance Bank
Seedvest Microfinance Bank
Stanford Microfinance Bank
- Vincent Aluu – [email protected]
Trust Microfinance Bank
Requirements for Accessing DBN Loans
To access the DBN loans, it’s a must for the business intending to apply for it to have the following
- A functional (bank) account with any of the PFIs
- A viable business (whether existing business or startup)
- A business plan
After meeting or gathering these requirements, the next step is to proceed to apply for the DBN Loans.
Steps to Get the DBN Loans
1. Visitation and Application
Visit the PFI bank or institution you have a bank account with to make your intention known. Provide all the required details in the DBN application form given and hand over your business plan for verification.
After filling the form, the bank or PFI institution will verify your business ideas and plan. The institutions will be the ones to determine whether your business needs the loans you are applying for.
After verification, the PFI proceed to apply for a loan with the Development Bank of Nigeria on behalf of the business.
Once the DBN approves the loan, it will be given to the FPI, who in turn disbursed the loans to the businesses.
DBN Loan Repayment Plan and Interest Rate
Before securing the loans from the Development Bank of Nigeria, you would have been initiated with the repayment plan. It’s usually worked out depending on the business nature, the amount borrowed, and other factors. The repayment period usually starts after 18 months while some are even extended to 10 years later.
That’s one of the advantages of DBN loans over commercial bank loans. It has a longer duration of repayment and the interest rate is flexible.
Development Bank of Nigeria Contacts Details
Do you have any problems accessing the loans? Do you need more information regarding DBN loans?
You can contact them via;
- Phone Number: 09-904-0000 (between 8 am to 5 pm from Monday to Friday)
- Or visit their Head Office at Plot 1386A Tigris Crescent, The Clan Place, Maitama in Abuja. The Head Office Contact details are +234-9-904-0000, +234-811-3841-699 or send an e-mail message via [email protected]
- Branch Office at Plot 952/953 Idejo Street in Victoria Island, Lagos state. The Lagos Branch Office Contact is +234-1-906-4000