We are pleased to inform you that the NIRSAL Microfinance Bank (MFB) has disclosed its plan to introduce a new loan product for the agricultural sector and Micro, Small and Medium Enterprise (MSMEs) in Nigeria.
According to the management of the bank, the new loan product will be unveiled before the end of the year.
The bank noted that successful applicants of the loan will also enjoy the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF) as well as the Interest Drawback Programme for farmers and businesses in the agricultural sector.
Recall that the NIRSAL MFB recently launched new and interesting products as part of its *On-Balance Sheet Lending portfolio for easy access to credit facilities by small businesses that require affordable credit facilities to boost businesses, and salary of workers to cater to immediate needs.
The products included the SME Loan, designed for small businesses and SMEs engaged in trading activities with daily sales and salary advance loan for employees.
The loan amount that can be accessed ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
The bank also said that the loan is open to petty traders in organised markets who have existing businesses and require credit facilities between N50, 000 and N300, 000 to augment their business capital.
In its statement, the bank said that the petty trader does not necessarily need to have an account history with the bank or any other bank to access the facility.
Also, the Salary Advance offer is meant for individuals in paid employment whose salaries have been consistent for three months, prior to making an application to the bank.
“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.
NMFB has maintained that these loan 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,” it said.