Nirsal Microfinance Bank Limited (NIRSAL MfB) has announced that traders and salary earners can now access its loans following the introduction of two new products, namely, Salary Advance and SME Loan, by the bank. The Bank said the new products were part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities by Micro, Small and Medium Enterprises that required affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
Before now NIRSAL MfB’s SME loans were essentially for operators engaged in production, rather than trading.
With the new products, micro businesses and SMEs engaged in trading activities with daily sales can now access the bank’s facilities.
According to the management, “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.”