NIRSAL MFB Unveils New Loan Opportunities for Farmers, SMEs

James Emejo in Abuja

The NIRSAL Microfinance Bank Limited (NIRSAL MFB) has said it plans to launch a new loan product for the agriculture sector targeting farmers and businesses in the value chain.

The management said in a statement that the products will be unveiled before the end of the year.

It pointed out that successful applicants of the 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.

The bank recently launched new and exciting products as part of its On-Balance Sheet Lending portfolio for easy access to credit facilities by Micro, Small and Medium Enterprises (MSMEs) that require affordable credit facilities to boost their businesses, and salary earners to cater to immediate needs.

The offer included the SME Loan, which is designed 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.

The bank added that the 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.

It added 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 reiterated 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,” it noted.