If you're an Entrepreneur, startup, or a business in Nigeria, and have tried to get a Loan, Then you must have witnessed first-hand the extreme difficulty there is, in accessing loans in Nigeria.

I Learnt of DBN LOAN - (Development Bank Of Nigeria), on Vanguard Newspaper; It sounded like a Game Changer for MSMEs and small Corporates in Nigeria.

The DBN loan can be accessed for your working capital and asset/expansion finance needs. It is availed as a term loan with expected periodic repayment of principal and interest. The rate is dependent on the tenor you are seeking to access the loan for. it equally supports all business sectors in the Nigerian economy. According to Managing Director (MD) of the bank, Mr. Tony Okpanachi when he was asked how much the bank had for disbursement to MSMES, he said, "In terms of the amount I can assure you that we have enough funding now of about $1.3 billion so we can draw down. We have $1.3 billion available to us to draw and as we disburse we draw more.”

They also acknowledged the difficulty Startups face is accessing loans in Nigeria. From DBN website - "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."

BUT after all the charades, they turned out to be a Business, who is more interested in profits than assisting MSMES.

I applied for DBN LOAN for my business, through Fidelity bank. I was asked to provide some information about my Business; when it started, Average monthly turnover, how much do i seek to access, what do i seek to access the loan for, and my current banking relationship?.

I was also asked to provide my Fidelity account details, operating business address, and my preferred visiting time to enable a member of their team visit me to discuss further and possibly initiate a loan process.

When i saw this requirements, i was stunned, just this and i can access a loan. I later found out it was all smoke and mirrors.

When the fidelity staff visited me, The REAL REQUIREMENTS was made known to me. I was asked to provide a LANDED PROPERTY with certificate of occupancy as collateral. Which start-up in Nigeria fit get that kind requirement.

My Business of 2 years have a monthly turn-over of 250,000 naira, which is impressive in my opinion for a start-up, and i was not eligible. So who is DBN LOAN for?, as is every loan in nigeria, RICH PEOPLE.

PITY.

learn more about DBN LOANS - https://www.vanguardngr.com/2018/05/dbn-deploy-1-3b-loans-msmes/
https://devbankng.com/who-we-are

credit - https://cifwep.com/dbn-loan-development-bank-of-nigeria/

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Exactly what I was told by Fidelity bank too....Me come tire oooooo. To bring property with c of o to access the DBN loan....Our govt is not ready yet to finance msme, all na gragra to get media attention and cheap publicity.

The problem is that most smes would not pay back, someone would just collect that money and travel abroad

9japrof:
The problem is that most smes would not pay back, someone would just collect that money and travel abroad

I beg to differ sir.If govt considers non payment, they will never finance any business.Smes are engines of economic growth, any govt that is serious about growth will consider funding them, put measures in place to collect back the funds as and when due.Serious govt even give grants to sme but this present administration is far from such,yet common non collateral loans that micro finance banks like LAPO are giving to clients even to the tune of 5000,000,it can't provide but tomorrow it tells you youths are lazy.

The former administration of Goodluck provided grants and not even loans to sme through Youwin for 3years but what did this one offered to same sme through youwinconnect this year....CERTIFICATES.

bizinvestment:
Exactly what I was told by Fidelity bank too....Me come tire oooooo. To bring property with c of o to access the DBN loan....Our govt is not ready yet to finance msme, all na gragra to get media attention and cheap publicity.

can i access it if i have a property to use

tunnex10:
can i access it if i have a property to use

Yes

Did they offer you any moratorium? If so, how long? Also, what's the maximum repayment tenor they offered you? @op

This thread should not be abandoned. We need to hear from more persons who had tried accessing the DBN loan.
For me I heard about dbn loan on radio one morning was excited but when I learnt commercial banks were access channels as well I was like hmmm..
So I proceeded to Diamond bank was directed upstairs to meet with the loans guy. Met with him but on hearing the requirements I shook my head n left.
My angst with this country is why should everything so to speak, be tied to politics??. When can you even feel like a citizen of this country without first thinking you are an affiliate of a particular party or you from a certain tribe or whatever??

bassette:
This thread should not be abandoned. We need to hear from more persons who had tried accessing the DBN loan.
For me I heard about dbn loan on radio one morning was excited but when I learnt commercial banks were access channels as well I was like hmmm..
So I proceeded to Diamond bank was directed upstairs to meet with the loans guy. Met with him but on hearing the requirements I shook my head n left.
My angst with this country is why should everything so to speak, be tied to politics??. When can you even feel like a citizen of this country without first thinking you are an affiliate of a particular party or you from a certain tribe or whatever??

exactly

bizinvestment:


I beg to differ sir.If govt considers non payment, they will never finance any business.Smes are engines of economic growth, any govt that is serious about growth will consider funding them, put measures in place to collect back the funds as and when due.Serious govt even give grants to sme but this present administration is far from such,yet common non collateral loans that micro finance banks like LAPO are giving to clients even to the tune of 5000,000,it can't provide but tomorrow it tells you youths are lazy.

The former administration of Goodluck provided grants and not even loans to sme through Youwin for 3years but what did this one offered to same sme through youwinconnect this year....CERTIFICATES.

This present govt is also giving grants thru GEM

I was asked to come back in January and also must have a functional acct with them which i must provide its twelve months statement

ENOCHEUNICE:
I was asked to come back in January and also must have a functional acct with them which i must provide its twelve months statement

Sir, please which bank was that?
Was that the only requirement or Did they ask for collateral?

How To Get Business Loan From Development Bank Of Nigeria

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Its main objective is to alleviate financing constraints faced by MSMEs and Small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

https://invoice.ng/blog/development-bank-of-nigeria-loan/

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braine:


What are the real requirements for this?

Depends on your employment status (Self employed or Salary Earner) and where you're based. Please call let's discuss further.

Who has been able to get this loan. Their noise is on the rise on TVs recently.

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ENOCHEUNICE:
This present govt is also giving grants thru GEM

my dear GEM started with Good luck Jornathan administration. The present govt just concluded the project.