NIRSAL Microfinance Bank Limited (NIRSAL MFB) has launched a new loan facility to provide easy access to credit facilities by micro, small and medium enterprises that require affordable credit facilities to boost their businesses, as well as salary earners who require loans to cater for immediate needs.
In a statement by NIRSAL MFBs management, the “On-Balance Sheet Lending” portfolio will make credit facilities easy for every genuine business to access.
According to the bank, the SME Loan is for micro businesses and SMEs engaged in trading activities with daily sales.
“The loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
“This product is also open to petty traders in organised markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital. The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.”
NIRSAL MFB explained that the Salary Advance is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the Bank.
Staff of corporate organisations whose salary accounts are domiciled with NMFB can easily access this facility.
The Bank stated that interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities.
“NMFB reiterates that these products are different from the government intervention products administered by the Bank. Consequently, applications for loan facilities within the On-Balance Sheet Lending portfolio will be appraised in line with the Risk Acceptance Criteria of the Bank.”
The Bank further stated that “a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year. Successful applicants of this product will, also, enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF), as well as the Interest Drawback Programme for farmers and businesses in the agricultural value chain.
“NMFB encourages individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on these products,” the stated.
Hauwa Abu
