Accessing loan facilities for most people had always been a herculean task and sometimes frustrating. With the advent of many financial technology in Nigeria, the constraints are becoming minimal and accessing credit facilities practically just a few taps on the smartphone away.
The Development Bank of Nigeria (DBN) is one of the most trusted and secured places that such facilities can be obtained.
The Development Bank of Nigeria
The DBN is a federal government backed financial scheme in conjunction with key industry players.
It’s core aim is to tackle the challenge faced by small and medium scale entrepreneurs. In securing the loan facility, the prospective borrower is mandated to go through the enlisted financial institutions. They include:
- Access Bank PLC
- Ecobank PLC
- Fidelity Bank PLC
- First Bank PLC
- Stanbic IBTC
- Sterling Bank PLC
- Union Bank PLC
- Wema Bank PLC.
- Apart from these Commercial banks, the
- Microfinance banks used are:
- AB Microfinance Bank Ltd
- Addosser Microfinance Bank
- Baobab Microfinance Bank
- Bosak Microfinance Bank
- HALAL Microfinance Bank
- Infinity Microfinance Bank Ltd
- LAPO Microfinance Bank Ltd
- MainStreet Microfinance Bank Ltd
- NPF Microfinance Bank Ltd
- Parallex Microfinance Bank
- Seedvest Microfinance Bank
- Accion Microfinance Bank Ltd
- La Fayette Microfinance Bank Limited
- Davodani Microfinance Bank
- Trust Microfinance Bank.
Accessing the loans entails very little and easy steps . It can be summarized into three stages.
Firstly, the borrower needs to drop by any of the listed commercial/Microfinance banks and simply request for DBN loan form.
This when given should be filled out and returned to the financial institution.
Secondly, upon indicating interest in the loan application, the bank will then assess the purpose and motive of the borrower as well as capacity to repay such loan. If this process is successful, the bank applies for funding from Development Bank of Nigeria.
The last I’d the disbursement of the fund by DBN. The financial institution acts as intermediary between DBN and the borrower.
It is worthy to note that DBN offers a flexible interest rate that relates to the general market rate. The loan facility in target specific and it’s usually a short term financing opportunity for businesses.