NIRSAL MFB unveils new facilities for SMEs, salary earners

The Nirsal Microfinance Bank Limited (NIRSAL MFB) has unveiled new and exciting facilities different from the government intervention products administered by the Bank, which would enable business owners and workers alike to have easy access to credit.

The package, which is part of its on-balance sheet lending portfolio, is targeted at Micro, Small and Medium Enterprises (MSMEs) that require affordable credit facilities to boost their businesses, and salary earners that need cheap loans to cater for their immediate/pressing needs.

NIRSAL MFB explained that “The SME Loan” is for micro businesses and SMEs engaged in trading activities with daily sales, and the loan sum accessible to this set of customers ranges from N50,000 to N250 million, subject to a satisfactory turnover that covers the expected facility amount.

This product is also opened 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 either account history with NMFB or any other bank to access the facility.

Similarly, “The Salary Advance” is for individuals in paid employment whose salaries have been consistent for three months, prior to making an application to the Bank.

Also, staff of corporate organisations whose salary accounts are domiciled with NMFB can, easily, access this facility.

“The interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities from the Bank”, the NIRSAL MFB stated.

NMFB reiterated that these products are different from the government intervention products administered by the Bank. Consequently as “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, also, pointed out that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year.

It stressed that 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.

To acess these facilities, NMFB MFB encourages individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on the products.

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