How to access Development Bank Of Nigeria Loan

The Development Bank of Nigeria successfully raised N23 billion in the initial segment of its N100 billion bond issuance program aimed at supporting micro, small, and medium-scale enterprises (MSMEs). The bond, set to mature in 2028 with an interest rate of 14.4 percent, seeks to address the substantial funding gap in the critical MSME sector, essential for fostering inclusive growth and job creation.

This inaugural local fundraising effort demonstrates the bank’s strong market acceptance. Previously, the institution relied primarily on foreign and local institutional shareholders for funding. As of December 2022, the bank had already disbursed over N631 billion to more than 313,000 MSMEs through its partners, marking a notable increase from N482 billion in 2021. The newly raised funds will be channeled into expanding the bank’s capacity to provide vital support to this sector.

DBN’s Managing Director, Tony Okpanachi, emphasized the significance of this local capital mobilization, highlighting the bank’s commitment to diversify its funding sources and stimulate economic growth within Nigeria. He noted that the initial bond issuance of N20 billion, which was oversubscribed by N3 billion, was just the beginning, and it will enable the bank to locally raise funds to support MSMEs. In total, the bond issuance program aims to raise N100 billion.

The bank’s Executive Director and Chief Financial Officer, Ijeoma Ozulumba, estimated that these funds could potentially benefit around 20,000 small businesses.

For Small and Medium-Sized Enterprises (MSMEs)

WHO IS ELIGIBLE FOR DEVELOPMENT BANK OF NIGERIA LOAN
Any MSME, whether it’s a startup or an existing business engaged in productive activities, can apply for the DBN loan. However, to be eligible, they need to be customers of authorized financial institutions.

DBN’s mission is to provide funding and share the risk with Participating Financial Institutions (PFIs), which will then lend to the final beneficiaries.

You can access DBN loans through PFIs, such as Commercial Banks, Microfinance Banks, Development Finance Institutions (DFIs), and other Financial Institutions.

The repayment terms for DBN loans are flexible, allowing for up to 10 years for repayment, with a possible moratorium period of up to 18 months. Interest rates are set to be in line with the market and ensure financial sustainability.

Here’s how you can apply for a DBN Loan:

Visit your preferred financial institution, whether it’s a Commercial Bank, Microfinance Bank, Development Finance Institution (DFI), or another Financial Institution, and express your interest in applying for a DBN Loan.

The bank will evaluate your business and the purpose of the loan. If their assessment is positive, the bank will submit an application to DBN for funding.

If DBN approves the loan, they will provide the funds to the bank, which, in turn, will lend to the end borrowers.

You have the option to access the DBN loan through any of the PFIs listed below:

ACCESS BANK
WEBSITE: https://www.accessbankplc.com/
Contact personnel emails
onyinyechi.uba@accessbankplc.com

corporatefinance@accessbankplc.com

oreoluwa.adeyemo@accessbankplc.com

ECO BANK

WEBSITE: https://www.ecobank.com/
Contact personnel emails
eonyeneaku@ecobank.com

tolarinde@ecobank.com

FIDELITY BANK
WEBSITE: https://www.fidelitybank.ng/
Contact personnel emails
osaigbovo.omorogbe@fidelitybank.ng

jennifer.david-ake@fidelitybank.ng

chiwuike.okere@fidelitybank.ng

FCMB
WEBSITE:https://www.fcmb.com/
Contact personnel emails
oluremi.agboola@fcmb.com

george.ogbonnaya@fcmb.com

toyin.ajibulu@fcmb.com

FIRST BANK
WEBSITE:
Contact https://www.firstbanknigeria.com emails
dbnfunds@firstbanknigeria.com

GTBANK
WEBSITE: https://www.gtbank.com/
Contact personnel emails
lucia.jaiyeola@gtbank.com

kelvin.biiranee@gtbank.com

PROVIDUS BANK
WEBSITE:http://www.providusbank.com/
Contact personnel emails
eakagha@providusbank.com

Stanbic Bank
WEBSITE:https://www.stanbicibtc.com/
Contact personnel emails
damian.umeasala@stanbicibtc.com
ayodele.ojosipe@stanbicibtc.com

Sterling Bank

https://sterling.ng/
Contact personnel emails
chibuzor.awe@sterling.ng

businessbanking@sterling.ng

lukman.adekola@sterling.ng

Titan Bank
WEBSITE: https://titantrustbank.com/
Contact personnel emails
ejikeme.ohalete@titantrustbank.com
arinze.obiano@titantrustbank.com

Wema Bank
WEBSITE:https://wemabank.com/
Contact personnel emails
arthur.nkemeh@wemabank.com

ismail.jimoh@wemabank.com

Union Bank. Plc.
WEBSITE:https://www.unionbankng.com
Contact personnel emails
joahodu@unionbankng.com

nmahmud@unionbankng.com

Globus Bank
Contact personnel emails
titusebare@globusbank.com

babafemiadebayo@globusbank.com

FINCA Microfinance Bank
Contact personnel emails
chigozie.obioha@fincanigeria.com

kingsley.ukoh@fincanigeria.com

LAPO Microfinance Bank
Contact personnel emails
obaroakpo.akiri@lapo-nigeria.org

hope.oghale@lapo-nigeria.com

Mainstreet Microfinance Bank Ltd
Contact personnel emails
midris@mainstreetmfb.com

bonifade@mainstreetmfb.com

Addosser Microfinance Bank Ltd
Contact personnel emails
deji.adare@addosser.com

bukola.adebisi@addosser.com

Infinity Microfinance Bank Ltd
Contact personnel emails
g.adewunmi@infinitymfb.com
sogunnniyi@infinitymfb.com

Richway Microfinance Bank
Contact personnel emails
oluwatosin.temiye@richwaymfb.com

omolola.ola@richwaymfb.com>

Stamford Microfinance Bank
Contact personnel emails
vincent.aluu@stanfordmfb.com.ng
comfort.ituh@stanfordmfb.com.ng

AB Microfinance Bank Ltd
Contact personnel emails
oladapo.ikupolati@ab-mfbnigeria.com

olukorede.ekundebe@ab-mfbnigeria.com

Seedvest Microfinance Bank Ltd
Contact personnel emails
seun.nikky@gmail.com

kehinde.oyeleke@seedvestgroup.com

Baobab Microfinance Ltd
Contact personnel emails
aoyibo@baobab.bz
jnyaye@baobabgroup.com

Accion Microfinance Bank Ltd
Contact personnel emails
aadebisi@accionmfb.com
makanbi@accionmfb.com

Davo Dani Microfinance Bank Ltd
Contact personnel emails
johne.ologe@davodanimfb.com
otony@davodanimfb.com.

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