How to apply for new NIRSAL Loan for MSMEs
The issue of funding is one of the most critical needs facing entrepreneurs in Nigeria. And when it comes to MSMEs it is particularly a herculean task for them to secure loan from commercial banks. This is usually as a result of the fact that most of them are not able to provide acceptable collateral for the loan they seek. Another reason getting loan from commercial banks by MSMEs is usually very difficult is high interest rate it comes with.
Finally, commercial banks also consider it a high risk giving loan to SMEs or startups. And you don’t blame them for that. Afterall it is part of their responsibilities to protect investors fund. This is what led the Federal Government to establish NIRSAL Microfinance Bank which helps to derisk the funding of agribusinesses and other SMEs.
NIRSAL Announces New Loan for MSMEs
Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced the launching of new credit facilities for micro, small and medium enterprises (MSMEs). The bank said the new launch is part of its on-balance sheet lending portfolio for easy access to credit facilities by MSMEs that require affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
“The new NIRSAL loan is for MSMEs engaged in trading activities with daily sales”. The loan sum accessible to the MSMEs customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
The bank also said the credit facility 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.
One of the big attractions for the loan according to NIRSAL is that the petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
The New NIRSAL Loan Also Applies to Salary Earners
Details of the facility shows that the the bank also have a salary advance loan facility for individuals in paid employment. This applies to those whose salaries have been consistent for 3 months, prior to making an application to the bank. To access the facility, NMFB said “staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.”
The bank said the interest rate for these products is very competitive.
According to the bank, the new products are different from the government intervention products administered by the bank. So this is not the same thing as COVID-19 loan nor AGSMEIS loan.
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.
More Loan from NIRSAL on the Way
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). They will as well enjoy the Interest Drawback Programme for farmers and businesses in the agricultural value chain.
How to Appy for the New NIRSAL Loan for MSMEs
There are two different routes to access the new NIRSAL loan for MSMEs.
1. Visit any branch of NIRSAL Microfinance Bank across the country and fill the form
2. Visit NMFB website and apply
Nirsal new loan for MSMEs is the latest in the list of opportunities from NIRSAL Microfinance Bank to make access to funding easier for MSMEs. So instead of patronising loan sharks that will frustrate you and your business I advise you explore this. You can also consider some of the reputable and best loan apps for quick and instant loans. And if you are a salary earner you also have an option with the CBN approved payday loan companies.