NIRSAL Discloses Plan To Introduce New Loan For Farmers and Small Businesses
The NIRSAL Microfinance Bank (MFB) has announced its intention to launch a new loan product in Nigeria for the Agricultural sector and Micro, Small, and Medium Enterprises (MSMEs) in order to help them boost their business.
According to the management of the bank, the new loan product will be unveiled before the end of the year.
The bank stated that successful loan applicants will also benefit from the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF) as well as the Interest Drawback Programme for farmers and agricultural businesses.
Remember that the NIRSAL MFB recently launched new and interesting products as part of its *On-Balance-Sheet Lending portfolio for small businesses that require affordable credit facilities to boost businesses and workers’ salaries to meet 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.
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The loan amount that can be accessed ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
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.
NIRSAL Discloses Plan To Introduce New Loan For Farmers