The Development Bank of Namibia (DBN) has cautioned the public of 'instant business plans' that are being promoted on various social media for SMEs and skilled based youth finance.
Di-Anna Grobler, Spokesperson for the Bank said the business plan offerings should be viewed with caution by prospective applicants, as DBN has its own due diligence process in assessing business plans, and 'one-size fits-all' plans could cost applicants, without any guarantee of a successful application.
Grobler advised potential applicants to develop their own plans and cash flow projects as these will be realistic for the potential applicant.
"We are regularly confronted with business plans and cash flow projects that do not present a realistic business case and cash flow projects for the applicant," she added.
She said that each application is considered on individual merit, and mass produced business plans do not give an adequate portrayal of the case for each enterprises.
"We routinely reject these applications, as they pose a financial risk for the applicant, therefore, applicants should approach us or visit our website www.dbn.com.na for guidance on applications," she concluded.