Namibia: DBN Launches Skills-Based Finance for Young Professionals

The Development Bank of Namibia has opened up skills-based finance to provide funding for young professionals.

In an advert placed on the bank's website, young professionals with NQF level-three qualifications and higher are invited to apply under this pilot programme, either as start-ups or for existing enterprises, the bank said.

The bank said the loan amounts to be granted will range from N$50 000 up to a maximum of N$1 million.

"Finance will be approved on the basis of a business plan and cash flow projection," read the advert.

Loaned funds can be used for equipment, operating capital or vehicles for specialised business use.

The funding is aimed at several professions, namely medical/psychiatric medicine, dental, optometry, pharmaceutical, legal, accounting/ actuarial, veterinary, engineering, architecture as well as quantity surveying.

The bank said subject to the acceptance of the bank's terms and conditions, collateral and equity requirements may be relaxed. Each application will be evaluated on individual merit and at the sole discretion of the bank.

According to DBN, to ensure sustainability, recipients may be required to undergo business training and/ or mentorship as determined by the bank.

The funding cap is for professionals aged 35 or younger.

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