The management of Nirsal Microfinance Bank Limited (NIRSAL MFB) said it has launched new credit facilities for Micro, Small and Medium Enterprises (MSMEs) to bossy their businesses and cater for the pressing needs of salary earners.
The Nirsal MFB management who made this known through a statement said loans are categorised into two namely: SME loans and salary advance.
According to the statement, the SME loan is accessible to Micro business and SMEs engaged in trading activities with daily sales, with a minimum of N50,000 to N250 million upon satisfactory turnover that covers the business.
It said petty traders in an organised market who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital. It said the trader trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
The statement further said the second category which is Salary Advance is open for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the Bank. Staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.
The Nirsal MFB management also said the interest rate for the tow products is very competitive with a streamlined documentation process for access to any of the above facilities from the Bank.
NMFB restated that the above products are different from the government intervention products administered by the Bank, while stating that applications for loan facilities within the On-Balance Sheet Lending portfolio will be appraised in line with the Risk Acceptance Criteria of the Bank.
The Bank said that loan product covering farmers and all businesses, where successful 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.
NMFB theought the statement encouraged individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on these products.