Business Startup Loans from Development Bank of Nigeria

Business Startup Loans from Development Bank of Nigeria

Business Startup Loans from Development Bank of Nigeria is currently on going. As a matter of facts, the Development Bank of Nigeria exists to alleviate financing constraints faced by Micro, Small and Medium Scale Enterprises (MSMEs) and small corporate in Nigeria. Furthermore, this is done through providing financing, partial credit guarantees and technical assistance to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

Free SMEs Business Startup Loans from Development Bank of Nigeria

As a matter of facts, the SMEs Free Business Loan from Development Bank of Nigeria (DBN) Is For All, As long as you are in the business. In Nigeria, there are over 37 million MSMES contributing to over 50% of Nigeria’s GDP. However, less than 5% of these businesses have access to credit in the financial system.

MSMEs in Nigeria play a crucial role in economic growth, poverty reduction, employment creation, and shared wealth creation. DBN will play a focal and catalytic role in providing funding and risk-sharing facilities. It will also incentivise financial institutions, predominantly Deposit-Money and Microfinance Banks, by augmenting their capacity and by providing them with funding facilities designed to meet the needs of these smaller clients.

Who qualifies for the DBN loan?

  • Firstly, all MSMEs (start up or existing) involved in productive enterprises are eligible for the loan. However, they must be customers of eligible financial institutions.
  • Secondly, DBN is poised to provide funding and risk-sharing guarantees through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.
  • Thirdly, DBN loans can be accessed through PFIs, which include Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs) and other Financial Institutions.
  • Lastly, 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.
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Basic Facts on Business Startup Loans from Development Bank of Nigeria

NOTE: Please note that for you to access the loan, your bank listed below must have met the minimum eligibility requirements set out here on the Cut-Off Date. The PFI shall maintain the minimum eligibility requirements throughout the Financing Period.
Also note that you can get loan directly from DBN except through PFI.

How to get a DBN Loan

  1. Firstly, 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. Secondly, the Bank appraises the business and loan purpose, and if its assessment is favourable, the Bank applies to DBN for funding.
  3. Thirdly, 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:

Access Bank Plc

SMESupport@accessbankplc.com,   Womenbankingteam@accessbankplc.com

Ecobank Nigeria Bank Plc

Nelson Paseda – NPASEDA@ecobank.com
LAWAL Theresa – TOLAWAL@ecobank.com

Fidelity Bank Plc

Osaigbovo Omorogbe – osaigbovo.omorogbe@fidelitybank.ng

FCMB Ltd

Oluwaseun Adetiba – Oluwaseun.Adetiba@fcmb.com
Oluremi Agboola – Oluremi.Agboola@fcmb.com

GTBank

Femi Nedd – femi.nedd@gtbank.com

UBA Plc

Adegoke Bayo – bayo.adegoke@ubagroup.com

Wema Bank Plc

Kolawole Ogunleye – Kolawole.ogunleye@wemabank.com  SMEhelpdesk@wemabank.com

AB Microfinance Bank Nigeria Ltd 

Nnadozie Joseph – nnadozie.ohaji@ab-mfbnigeria.com

Addosser Microfinance Bank 

Olusola Howells – howells.olusola@addosser.com

Baobab Microfinance Bank 

Achenyo Oyibo – aoyibo@baobab.bz

Bosak Microfinance Bank 

Toyin Peters – toyinpeters@bosakmfb.com

HASAL Microfinance Bank 

info@hasalmfb.com,  strategydev@hasalmfb.com

Infinity Microfinance Bank Ltd  Oludotun Adewunmi – g.adewunmi@infinitymfb.com
LAPO Microfinance Bank Ltd Efosa Aigbe – efosa.aigbe@lapo-nigeria.org
Mainstreet Microfinance Bank Ltd Adegoke E. Adegbami – aadegbami@mainstreetmfb.comhsule@mainstreetmfb.com
Microcred Microfinance Bank Ltd Omar Niaz – oniaz@microcred.com
NPF Microfinance Bank Plc Jude Ohanehi – jeco0072000@yahoo.co.uk
Parallex Microfinance Bank abimbola.akande@parallexbank.com,  femi.otenigbagbe@parallexbank.com
Seedvest Microfinance Bank Kehinde Oyeleke – kehinde.oyeleke@seedvestgroup.com,  oyelek@yahoo.com
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Furthermore, visit Development Bank of Nigeria Plc (DBN) to learn more on how to access the loan
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