Development Bank aims to expand COVID-19 business relief finance to the north
Development Bank of Namibia (DBN) will undertake visits in the central and northern regions to promote its recently launched COVID-19 Business Relief Loans, as well as finance for youth enterprises.
The N$450 million relief facility, provided with the support of a concessional loan from KfW, aims to support existing businesses with operating capital for a period of three or six months, depending on need. The finance takes the form of a commercial loan repayable over 60 months.
At the onset of the COVID-19 economic trough in early 2020, Bank extended repayment holidays to its SME borrowers and borrowers in the tourism and hospitality sector. The new COVID-19 Business Relief Loans are being extended to all existing formal enterprises that qualify in terms of the requirements of the facility.
The visits will also promote finance for youth, in the form of skills-based lending for professionals and artisans, as well as general lending for youth entrepreneurs under DBN’s SME and larger lending facilities.
In addition to business meetings, the Bank will meet with regional dignitaries to assess projects and associated needs for finance.
The visits begin in Erongo on the first Friday and Saturday of February, travel to Oshana, Omusati, Ohangwena, Kavango West and East, then conclude with visits to Oshikoto and Otjozondjupa.
