By Tony Obiechina, Abuja
Determined to boost businesses for Small and Medium Enterprise (SMEs) and to enable salary earners cater for their pressing/immediate needs, NIRSAL Micro Finance Bank (NMFB) has launched new products into the economy.
The NMFB said in statement on Sunday that, the new and existing products which are parts of its on-Balance Sheet Lending portfolio, include, the SME Loan, for micro businesses and SMEs engaged in trading activities with daily sales. The loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected 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 petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
Another product, according to the statement, is the Salary Advance which is 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 Bank further explained that “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”, reiterating that “these 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.
“The Bank, also, stated that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year. Successful applicants of this product 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.
“Finally, NMFB encourages individuals and business owners to visit any NIRSAL Microfinance Bank branch closest to them for more information on these products”, the statement added.