Typesetter | Jul 20, 2017 | 0
Development Bank shifts scope
Development Bank CEO, Martin Inkumbi said they will now focus on infrastructure, and larger enterprises, particularly in the key sectors and strategic intervention areas which are aligned to the Fourth National Development Plan and the Growth at Home Strategy.
The realignment is also prompted by growing capacity in the field of SME lending, particularly the emergence of the SME Bank.
With effect from 1 November 2015, DBN will require an annual turnover of N$10 million, with clear indications of viability, for applications to be further assessed.
The bank will not consider loan applications from Small and Medium Enterprises, defined according to the draft National Policy on Micro, Small and Medium Enterprises as enterprises or business projects with an annual turnover of less than N$10 million per annum.
The SME Bank is now charged with the responsibility of funding enterprises which fall outside the scope of the DBN threshold.