DBN keen to fast track loan payments SME's

The DBN will on-lend the money to Namibian SME enterprises that require bridging capital to carry them through the low-revenue earing period caused by the pandemic.

18 January 2021 | Business

PHILLEPUS UUSIKU

To avoid delays in loan payments as previously experienced in other relief packages, the Development Bank of Namibia (DBN) has a plan to ensure that payments are made on time to affected Small Medium Enterprises (SME’s).

According to Martin Inkumbi the Chief Executive Officer (CEO) of DBN, the bank will ensure that dedicated resources in all business units are established to ensure that the applications are processed without delay while we still continue to cater for our existing clients and business.

Once the approval for a facility is obtained, the disbursement process will follow after all legal documents are properly signed. Once again for these processes, dedicated officials will ensure that the process is concluded without delay, he said.

“Here we would also greatly depend on clients to ensure that they comply fully and urgently to ensure that the disbursement is not disrupted,” Inkumbi stressed.

Requirements

The loan will only assist existing, operational enterprises and new start-up enterprises should apply for SME finance or investment loans.

Businesses should be registered in Namibia and at least 25% of the shareholders must be Namibian citizens, he said.

Business operations must be conducted in Namibia and not have an annual turnover of N$ 100 million. The business should also have a good standing with the Receiver of Revenue and Social Security Commission (SSC).

Enterprises seeking refinancing of loans and those involved in the sale of liquor, gambling or other socially damaging activities will be excluded, he pointed out. - [email protected]

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