Here are our FAQs that might help you.
No, Development Bank of Nigeria (DBN) does not lend directly to businesses. DBN loan is channeled through PFIs. PFIs carry out the credit evaluation and supervision of the loan.
Depending on the nature of your business and loan purpose, you may have up to 18 months moratorium on principal repayment for working capital & investment projects, and up to 10 years to repay the loan.
DBN loan offers flexible interest rates that are based on tenure and referenced to market rates.
MSMEs are classified into Micro, Small and Medium Sized Businesses based on asset size, sales volume and number of employees, as defined by The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
DBN loan is specifically targeted at small businesses to ensure that such businesses have increased access to financing. In addition, DBN loans have a longer tenure than other commercial loans, which are usually short-term.