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NIRSAL MFB launches new loan products for MSMEs

Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced the launch of new credit facilities for Micro, Small and Medium Enterprises (MSMEs). The bank said the new launch is part of its on-balance sheet loan portfolio for easy access to credit facilities by MSMEs who need affordable credit facilities to boost their businesses and salaried workers to meet immediate/urgent needs. .

“The loan is aimed at micro-enterprises and SMEs engaged in business activities with daily sales,” the bank said in a statement issued yesterday in Abuja. The amount of loan available to MSME clients ranges from N50,000 to N250 million, subject to satisfactory turnover that covers the expected amount of the facility.

The bank said the credit facility is also open to small traders in organized markets who have existing businesses and need credit facilities ranging from 50,000 to 300,000 naira to increase their trading capital.

“The small trader does not necessarily need to have an account history with NMFB or any other bank to access the facility,” the bank said.

The details of the facility show that the bank also has a payday advance loan facility for those in gainful employment whose wages have been constant for 3 months, before applying to the bank. To access the facility, the NMFB said that “staff from companies whose salary accounts are domiciled with the NMFB can easily access this facility.”

The interest rate for these products is very competitive with a streamlined documentation process for accessing any of the above bank facilities.

According to the bank, the new products are different from government intervention products administered by the bank. “Therefore, requests for loan facilities within the on-balance sheet loan portfolio will be assessed in accordance with the bank’s risk acceptance criteria,” he said.

The Bank also said an agricultural sector loan product, covering farmers and all businesses in the agricultural value chain, would be launched within the year. Successful applicants for this product will also receive benefits from the Federal Government’s Agricultural Credit Guarantee Fund (ACGSF), as well as the interest repayment program for farmers and businesses in the agricultural value chain.

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