From Uche Usim, Abuja
In an effort to boost the productivity of Micro Small and Medium Enterprises (MSMEs), NIRSAL Microfinance Bank (NMFB) has unveiled a loan facility for players in this space.
The initiative, in addition to securing affordable credit facilities for MSMEs, aims to help wage earners meet immediate/urgent needs.
Labeled “The SME Loan,” the company said the sum accessible to this set of customers ranges from N50,000 to N250 million, subject to satisfactory turnover that covers the planned amount of the facility.
“This product is also open to small traders in organized markets who have existing businesses and need credit facilities ranging from N50,000 to N300,000 to increase their trading capital. The small trader does not necessarily need to have an account history with NMFB or any other bank to access the facility.
“Salary advance is for people in gainful employment whose wages have been constant for 3 months, before applying to the Bank. Staff of companies whose salary accounts are domiciled with NMFB can easily access at this facility,” NIRSAL said.
The interest rate for these products is very competitive with a streamlined documentation process for accessing any of the above facilities from the Bank.
The NMFB reiterated that these products are different from government intervention products administered by the Bank. Therefore, requests for loan facilities within the on-balance sheet loan portfolio will be assessed in accordance with the Bank’s risk acceptance criteria.
The Bank also said an agricultural sector loan product, covering farmers and all businesses in the agricultural value chain, would be launched within the year. Successful applicants for this product will also receive benefits from the Federal Government’s Agricultural Credit Guarantee Fund (ACGSF), as well as the interest repayment program for farmers and businesses in the agricultural value chain.