NIRSAL MFB Unveils New Loan Opportunities for Farmers, SMEs 

Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced plans to launch a new lending product for the agricultural sector targeting farmers and value chain firms.

The department said in a statement that the products will be revealed before the end of the year.

He noted that successful applicants for the product will also enjoy the benefits of the Federal Government’s Agricultural Credit Guarantee Fund (ACGSF) as well as the interest payment scheme for farmers and companies in the agricultural value chain.

The Bank has recently launched exciting new products as part of its balance sheet loan portfolio for easy access to credit facilities by MSMEs who need affordable credit facilities to boost their business. Need. immediate needs.

The offer included the SME loan designed for micro-enterprises and small and medium-sized enterprises operating in commercial activities with daily sales.

The loan amount available for this group of clients ranges from N50,000 to N250 million, subject to a satisfactory turnover covering the planned amount of the facility.

The bank added that the product is also open to small traders in regulated markets who have existing businesses and need credit facilities of N50,000 to N300,000 to raise their trading capital.

He added that the small trader does not necessarily need to have an account record with the bank or any other bank to access the facilities.

In addition, the salary offer offered is for salaried persons whose salaries have been stable for three months, before applying to the bank.

The interest rate on these products is very competitive with a simplified documentation process to access any of the banking facilities mentioned above.

The NMFB emphasized that these products differ from the government intervention products that the Bank manages. Therefore, applications for loan facilities within the loan portfolio on the balance sheet will be evaluated in accordance with the Bank’s risk appetite criteria.

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