Many Nigerians wish to start a business, but face the challenge of having the required financial resources to develop their business idea. Besides personal funding and angel investment (which are rare), the most leveraged sources of business funds are through getting a business loan.

In Nigeria, many businesses complain that there are little opportunities when it comes to acquiring loans from banks. This blog post, highlights on how to get a loan from Development Bank of Nigeria (DBN), one of the avenues would-be business owners can access loan for their business.

What is Development Bank of Nigeria?

DBN is a Federal Government owned bank charged with the responsibility of addressing significant financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs). The bank is in partnership with different global development bodies like the World Bank (WB), French Agency for Development (AFD), African Development Bank (AfDB), European Investment Bank (EIB) etc.

What does Development Bank of Nigeria Do?

DBN provides financing and partial credit guarantees to eligible financial intermediaries. This thereby contributes to easing the financial burdens that prevent the growth of local or domestic production and commerce. It also helps fill the financing gaps experienced by startups.

In other words, DBN encourages the growth of small businesses and startups by giving them loans that will enable them to lighten the financial burden of their businesses.

Who can get a loan from DBN?

All Micro, Small and Medium Scale Enterprises (MSMEs) or startups who are involved in productive businesses or ventures are eligible to get a loan from the Development Bank of Nigeria.

This means that you are qualified to access the loan if you are;

  • An Entrepreneur
  • A startup
  • A businessman or woman.

You must know that DBN does not offer loans directly to businesses. Instead, they pass the funds through Participating Financial Institutions (PFIs), who in turn give them to eligible startups.

Who are the Participating Financial Institutions (PFIs)?

The PFIs are like the middlemen between DBN and you who are a startup. They carry out credit evaluation and supervision of loan.

The PFIs include

  1. Major commercial Banks
  2. Microfinance Banks
  3. Development Finance Institutions (DFIs)
  4. Other financial institutions.

How to get a loan from Development Bank of Nigeria

Did you know that you are among the 37 million startups in Nigeria, contributing to over 50% of Nigeria’s GDP?

Unlike popular opinion, the country goes the extra mile to support businesses in her bid to strengthen the nation’s economy.

Here are the steps involved in assessing a loan from DBN to grow your business.


Visit your bank and inform them that you want to apply for a DBN loan. However, before you proceed, ensure that your bank is part of the PFIs.


The bank assesses your business and the reason(s) you need the loan. This is to know if your business is suitable for the loan. If satisfied, the bank then applies to DBN for funding.


If DBN approves your bank’s request, they will release the loan to them, and your bank will, in turn, release the loan to you.

Very Simple!

Note that the interest rate of DBN loan is flexible, and it is based on your payback time.

Contacts of PFIs

Below is the contact of the DBN loan PFIs.

Access Bank Plc,,,,

Ecobank Nigeria Bank Plc

LAWAL Theresa,,

Fidelity Bank Plc OsaigbovoOmorogbe,,

FCMB Ltd OluremiAgboola,,

UBA Plc Adegoke Bayo,

First Bank Nig Ltd,
Union Bank of Nig Plc,,
Stanbic IBTC Bank Plc,,
Sterling Bank Plc,
AB Microfinance Bank Nigeria Ltd,
Addosser Microfinance Bank  Olusola Howells,,

Baobab Microfinance Bank  Achenyo Oyibo,

Bosak Microfinance Bank  Toyin,,

HASAL Microfinance Bank,
Infinity Microfinance Bank Ltd  OludotunAdewunmi,,

LAPO Microfinance Bank Ltd EfosaAigbe,

Microcred Microfinance Bank Ltd Omar
NPF Microfinance Bank Plc JudeOhanehi, ,,,,