Precise and neat applications crucial for getting a Development Bank loan

DBN Communications Manager Jerome Mutumba says that sound preparation of an application for DBN finance can mean the difference between success and failure, not just for the loan, but also for the business.DBN Communication Manager Jerome Mutumba explains in this article the need for applicants to take extra care when they prepare an application for a loan from the Development Bank of Namibia. The application process is exacting and time consuming, but after meeting the broader financing criteria, an enterprise will benefit when it ensures that the application is precise, its information reliable, and its format clear.

The Development Bank of Namibia (DBN) is often criticized by promoters of applications who do not receive finance. This criticism is based on the premise that DBN finance is an entitlement. Actually DBN finance is granted on an exacting set of requirements, and done fairly and transparently in accordance with sound business principles.
The Bank’s decision
As the Bank has limited financial resources, finance is approved for enterprises that are most likely to fulfill its mandates of creating employment, spreading ownership to formerly disadvantaged Namibians and stimulating enterprise in regions that need greater levels of economic activity, among others. If the Bank is satisfied that the enterprise fulfills these requirements, it will consider the viability of the proposal. If the proposal is not viable, the application will be declined. There are two reasons for this.