By Innocent Obasi
NIRSAL Microfinance Bank Limited (NIRSAL MFB) has launched two new products to make credit easily accessible to both business owners and salary earners.
The new products, SME Loan and Salary Advance, are part of the bank’s On-Balance Sheet Lending portfolio for easy access to credit facilities by Micro, Small and Medium Enterprises that require affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
Announcing this in a statement in Abuja, NIRSAL MFB said the SME Loan “is for micro businesses and SMEs engaged in trading activities with daily sales”, while Salary Advance is for those who are employed and whose salaries have been stable for three months prior to submitting an application. It said staff of corporate organizations whose salary accounts are domiciled with NIRSAL MFB can readily access this facility.
Previously, NIRSAL MFB’s SME loans were essentially for operators engaged in production rather than trading.
The new products, the bank said, are distinct from those used for government intervention that the bank already administers.
NIRSAL MFB said MSMEs customers can access loans ranging from N50,000 to N250 million subject to a good turnover that covers the anticipated facility amount.
“This product is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital,” the bank said.
The financial institution confirmed that access to the facility does not require the petty trader to have either account history with NIRSAL MFB or any other bank.
“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.
Meanwhile, NIRSAL MFB announced that it would soon introduce a loan product for the agricultural industry that would cover farmers and all businesses involved in the agricultural value chain. The Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF) and the Interest Drawback Programme for farmers and businesses in the agricultural value chain are additional benefits available to successful applicants of this product.
“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,” NIRSAL MFB said.
It urged individuals and business owners to visit any NIRSAL MFB branch closest to them for additional information on the products in order to access these services.
