NIRSAL MFB Launches Loan Facility for SMEs, Salary Earners In Nigeria – NIRSAL Microfinance Bank (NIRSAL MFB) has launched two new loan products to help business owners and employees easily access loan in Nigeria.
New products, SME loans and payday salary advances, are part of the bank’s balance sheet loan portfolio for micro, small and medium-sized enterprises with credit needs. easily access credits tailored to their needs to grow their operations and employees to meet their needs. for immediate/urgent needs.
Announcing this in a statement in Abuja, the NIRSAL MFB said the SME loan “is intended for micro enterprises and small and medium-sized enterprises engaged in business activities with daily sales”, in when the payday advance is for people who are working and have a stable salary for three months. to submit an application. He said employees from companies whose salary accounts are set with the NIRSAL MFB can easily access the facility.
Previously, NIRSAL MFB’s SME loans were primarily intended for operators engaged in manufacturing rather than commercial activities. The new products, the bank said, are different from those used for government intervention that the bank has managed.
NIRSAL MFB says MSME clients can access loans ranging from 50,000 to 250 million naira depending on good turnover including the projected amount of the facility.
“This product is also intended for small traders in organized markets who have an existing business and need credits between N50,000 N300,000 and N300,000 to raise their business capital. them,” the bank said.
The financial institution has confirmed that access to the service does not require the small trader to have an account history with NIRSAL MFB or any other bank.
“Lending facilities requirements in the off-balance sheet loan portfolio will be assessed against the bank’s risk tolerance criteria,” it said. Meanwhile, NIRSAL MFB has announced that it will soon introduce an agricultural sector lending product that will cover farmers and all businesses involved in the agricultural value chain. The Federal Government’s Agricultural Credit Guarantee Program Fund (ACGSF) and the Interest Return Program for farmers and businesses in the agricultural value chain are additional benefits for successful applicants. this product.
“The interest rates on these products are very competitive with a streamlined documentation process to access any of the above banking facilities,” said NIRSAL MFB.
He urged individuals and business owners to visit their nearest NIRSAL MFB branch for more product information to access these services.