DBN warns of ‘instant business plans’

30 January 2020 | Banking

The Development Bank (DBN) has cautioned on "instant business plans" that are being promoted on various social media for SMEs and skills-based youth finance.
DBN’s spokesperson Di-Anna Grobler, says the business plan offerings should be viewed with caution by prospective applicants, as the bank 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 advises potential applicants to develop their own plans and cash flow projections as these will be realistic for the potential applicant.
She says the bank is regularly confronted with business plans and cash flow projections that do not present a realistic business case and cash flow projections for the applicant. In addition, she says that each application is considered on individual merit, and mass produced business plans do not give an adequate portrayal of the case for each enterprise.
She adds that the bank routinely rejects these applications, as they pose a financial risk for the applicant.
Grobler encourages applicants to approach the bank or visit its website, www.dbn.com.na, for guidance on applications.

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