Staff Reporter
THE Development Bank of Namibia (DBN) has responded to the Black Business Leadership Network’s (BBLN) petition by stating that the Bank remains responsive to the economic challenges faced by entrepreneurs, but it has a legal obligation to recover all money lent out, plus interest.
The Bank’s response comes after the BBLN alleged that the DBN implemented a mandate that predominately disadvantages black business owners. In a protest that took place last month, the BBLN asked for leniency on behalf of entrepreneurs, claiming that many black-owned businesses are faced with liquidation and asset repossession due to the impact Covid-19 had on businesses.
PETITION: The Black Business Leadership Network of Namibia (BBLN) handed over an official letter of demand during a public petition to the CEO of DBN, Martin Inkumbi. Photo: DBN 
PETITION: The Black Business Leadership Network of Namibia (BBLN) handed over an official letter of demand during a public petition to the CEO of DBN, Martin Inkumbi. Photo: DBN
According to Martin Inkumbi, the Chief Executive Officer (CEO) of DBN, the Bank has not called on any loan for any business enterprise that was in good standing before the arrival of the pandemic. He further stated that the Bank will continue to negotiate suitable repayment arrangements for borrowers affected by Covid-19. Furthermore, affected BBLN members are encouraged to approach the bank on a case-by-case basis to negotiate possible relief measures.
DBN stated that the Bank has taken measures to respond and to alleviate the burden caused by the impact Covid-19 had on the economy. These measures include the provision of Covid-19 business relief loans to qualifying enterprises, the restructuring of loans for affected clients and the provision and extension of loan repayments holidays in the tourism and hospitality sector as well as for small and medium-sized enterprises (SMEs).
Inkumbi encouraged BBLN to advocate for good business management practices and accountability on the part of entrepreneurs, instead of demanding the all-round termination of loan collection efforts by lenders. According to him, some businesses that claim to be affected Covid-19, have defaulted years before the pandemic started and collection efforts were therefore already underway.
