How to get DBN loan (2)

(Concluding)

By Emeka Anaeto


Last week we began a discussion on how to get loan from the Development Bank of Nigeria, DBN, and we are concluding the discussion in today’s edition of this column focusing on the process of getting the DBN loan.

As we stated in the last discussion DBN provides wholesale term funding and risk-sharing facilities to eligible financial institutions for on-lending to Micro, Small and Medium Enterprises, MSMEs.

This means that it lends through other financial institutions which it refers to as Participating Financial Institutions (PFIs). It also means that the prospective loan beneficiary must be a customer of any of the PFIs.

All MSMEs, whether start up or existing businesses, involved in productive enterprises are eligible for the loan.

The process of getting the loan begins with visiting your bank which must be one of the DBN approved PFIs to indicate you want to apply for a DBN Loan. The PFI appraises your business and loan purpose, and if its assessment is favourable, the PFI applies to DBN for funding.

If DBN approves the loan, DBN will disburse to the PFI which will in turn disburse to you, the end borrower.

You can access the DBN loan through any of these PFIs listed below:  Access Bank, Diamond Bank, Ecobank, Fidelity Bank, FCMB Bank, UBA and Wema Bank.

Source:
Vanguard News