The Development Bank of Namibia this week kicked off its Covid-19 relief loan promotion in the Kunene Region.
The Covid-19 business relief loans and skills-based finance are targeting young artisans and professionals in the Opuwo, Kamanjab, Outjo and Khorixas areas of Kunene region.
The outreach also promotes finance for youth, particularly skills-based for young professionals and artisans, and small and medium enterprises (SME) lending for youth entrepreneurs who do not qualify for skills-based facilities.
DBN's head of marketing and corporate communications Jerome Mutumba said the N$450 million Covid-19 facility backed by a concessional loan from KfW helps its existing businesses with operating capital for three or six months.
"The finance takes the form of a commercial loan repayable over 60 months. At the onset of the Covid-19 lockdowns, DBN extended repayment holidays to its SME borrowers and borrowers in the tourism and hospitality sectors. The relief loans are being extended to all existing formal enterprises that qualify in terms of the facilities," said Mutumba, adding that the loans can also be used to diversify businesses.