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|DBN Loan - NOT A VIABLE OPTION FOR MSMES by sweeterman(m): 9:41am On Aug 08, 2018|
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.
learn more about DBN LOANS - https://www.vanguardngr.com/2018/05/dbn-deploy-1-3b-loans-msmes/
credit - https://cifwep.com/dbn-loan-development-bank-of-nigeria/
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|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by sweeterman(m): 10:04am On Aug 08, 2018|
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by bizinvestment(m): 12:45pm On Aug 08, 2018|
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.
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|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by 9japrof(m): 12:56pm On Aug 08, 2018|
The problem is that most smes would not pay back, someone would just collect that money and travel abroad
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by bizinvestment(m): 9:43pm On Aug 08, 2018|
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.
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|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by tunnex10(m): 8:15pm On Oct 10, 2018|
bizinvestment:can i access it if i have a property to use
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by bizinvestment(m): 3:08pm On Oct 11, 2018|
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by stancydg: 10:57pm On Oct 18, 2018|
Did they offer you any moratorium? If so, how long? Also, what's the maximum repayment tenor they offered you? @op
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by bassette(m): 11:55pm On Dec 04, 2018|
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??
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|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by Croked: 11:12am On Dec 08, 2018|
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by ENOCHEUNICE: 4:57pm On Dec 29, 2018|
bizinvestment:This present govt is also giving grants thru GEM
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by ENOCHEUNICE: 5:12pm On Dec 29, 2018|
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
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by Croked: 12:02pm On Dec 31, 2018|
ENOCHEUNICE:Sir, please which bank was that?
Was that the only requirement or Did they ask for collateral?
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by ssolaoye: 11:16pm On Apr 04, 2019|
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.
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by ekehopp: 9:06am On Apr 13, 2019|
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by ekehopp: 6:28pm On Jun 07, 2019|
Depends on your employment status (Self employed or Salary Earner) and where you're based. Please call let's discuss further.
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by Elizadath: 9:29pm On Nov 05, 2019|
Who has been able to get this loan. Their noise is on the rise on TVs recently.
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by Elizadath: 3:36am On Nov 06, 2019|
|Re: DBN Loan - NOT A VIABLE OPTION FOR MSMES by Ciscagirl: 8:24am On Nov 06, 2019|
ENOCHEUNICE:my dear GEM started with Good luck Jornathan administration. The present govt just concluded the project.
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