NIRSAL MFB Announces New Loan Opportunities For Farmers And Small And Medium-Sized Enterprises

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NIRSAL MFB Announces New Loan Opportunities For Farmers And Small And Medium-Sized Enterprises
NIRSAL MFB Announces New Loan Opportunities For Farmers And Small And Medium-Sized Enterprises

The NIRSAL Microfinance Bank Limited (NIRSAL MFB) has announced plans to launch a new agricultural loan product aimed at farmers and businesses along the value chain.

The products will be unveiled before the end of the year, according to the management.

It stated that successful applicants will also benefit from the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF) and 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 Micro, Small, and Medium Enterprises (MSMEs) that require affordable credit facilities to grow their businesses.

The offer included the SME Loan, which is intended for micro-businesses and SMEs engaged in daily sales trading activities.

This group of customers can borrow between N50,000 and N250 million, subject to a satisfactory turnover that covers the expected facility amount.

The product is also available to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to supplement their business capital, according to the bank.

 

It went on to say that the petty trader does not have to have a history with the bank or any other bank to use the service.

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Furthermore, the Salary Advance offer is intended for individuals in paid employment whose wages have been consistent for three years.

“The interest rate for these products is very competitive, and there is a streamlined documentation process for access to any of the bank’s above facilities.”

The NMFB has reiterated that these products are distinct from the bank’s government intervention products. As a result, applications for loan facilities within the On-Balance-Sheet Lending portfolio will be evaluated in accordance with the Bank’s Risk Acceptance Criteria,” it stated.