How To Access Over N1 Billion Loan With Ease – FG

The Federal government of Nigeria has revealed the criteria for obtaining a loan worth over N1 billion with ease.

The Development Bank of Nigeria’s (DBN), Managing Director, Mr. Tony Okpanachi revealed that the requirement is only for companies with less than 250 employees.

Accordingly, he revealed that their lending criteria are similar to those set by the Central Bank of Nigeria.

Okpanachi told the Senate committee that only small and medium-scale enterprises (SMEs) with less than 250 employees and revenue not above N1.1 billion are qualified to access its loans.

He revealed that SME’s in southern Nigeria had obtained the most money because they had the most requirements.

“Our lending has criteria and they are the same as those set by the Central Bank of Nigeria. We do a risk assessment of the Participating Financial Institutions (PFIs) before they begin to lend to businesses. We don’t want to give out money and the money fritters away. So we track the end users of the loans yearly,” he said.

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He added that the DBN has hired two non-interest banks in Nigeria to serve the north since it had noticed problems with interest-based banking and loans there.

The DBN CEO stated that the effort to bring on additional firms is ongoing and he asked participating banking institutions to increase the capacity of small businesses and provide them with training on how to set up their organizations so they can qualify for loans.