Forget Buhari, key into another SMEs initiatives. There is a bank called “ Development Bank of Nigeria “. The bank exists to alleviate financial constraints faced by MICRO, SMALL and MEDIUM SCALE ENTERPRISES (MSMEs). Loan is up to 10years with a moratorium period of 18months
DBNs loan can be accessed through Participating Financial Institutions ( PFI) who will then on -lend to end beneficiaries. The PFIs are : Access Bank, Ecobank, Fidelity, FCMB, GTB, UBA, Wema , First Bank, Union Bank, Stanbic IBTC, Sterling Bank, AB Microfinance Bank
Addosser Microfinance Bank, Baobab Microfinance Bank, Bosak Microfinance, Hasal Microfinance, Infinity Microfinance, LAPO Microfinance Bank, Mainstreet Microfinance, Microred Microfinance, NPF Microfinance, Parallex Microfinance Trust Microfinance, Davodani Microfinance Bank
A registered Corporate Affairs Commission company. The PFIs will review and if convinced , approves and send to Development Bank for disbursement. Details are on their web site . Thanks to @Mr_JAGs and @IIsa_essien for sharing d tweet earlier.
70,000 MSMEs impacted so far. Documentation is key. Patience is also important. You must also understand your business, challenges and solutions. Read, read and read.
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