Empowering Small Businesses: NIRSAL Microfinance Bank Introduces “Cash Now-Now” Loan for Petty Traders and Artisans
Running a small business in Nigeria can be both rewarding and challenging. From managing inventory to dealing with daily operational costs, petty traders, kiosk operators, and artisans often find themselves in need of quick and reliable financial support. Recognizing this critical need, NIRSAL Microfinance Bank (NMFB) has launched a specially tailored loan scheme known as the “Cash Now-Now” loan.
This innovative financial product is designed to provide instant working capital to micro-entrepreneurs across the country. Whether you're a roadside tailor, a kiosk owner, or a local food vendor, this loan initiative offers timely financial relief to help you manage and grow your business.
What is the “Cash Now-Now” Loan?
The “Cash Now-Now” loan is a micro-credit facility developed by NMFB to support individuals who operate small-scale businesses but have limited access to formal credit. Unlike traditional bank loans that often come with complicated procedures and stringent requirements, this loan is designed to be simple, fast, and accessible.
The primary objective of the program is to promote business continuity by addressing urgent capital needs. It empowers informal business owners to meet customer demand, replenish stock, pay suppliers, and take care of other essential expenses that contribute to business survival and growth.
Highlights of the Loan Offer
Below are the key features of the “Cash Now-Now” loan:
- Target Group: This facility is ideal for petty traders, kiosk operators, and artisans such as tailors, mechanics, hairdressers, and carpenters.
- Maximum Loan Amount: Applicants can access up to ₦300,000, depending on their business type and financial profile.
- Repayment Term: Beneficiaries are given a maximum of 365 days (one year) to repay the loan.
- Affordable and Simple: The loan comes with friendly terms to suit the unique nature of micro and informal businesses.
How to Apply: Step-by-Step Process
Applying for the “Cash Now-Now” loan is a straightforward process designed to ensure transparency and accessibility. Here’s how interested individuals can apply:
1. Online Registration
- Visit the official NIRSAL Microfinance Bank loan portal via this link.
- Create a new account and fill out the online application form with accurate personal and business details.
- Ensure to upload all required documents, including your Bank Verification Number (BVN) and a valid means of identification.
- Choose your nearest NMFB branch to facilitate monitoring and support.
2. Loan Evaluation
- After submission, your application will be assessed based on NMFB’s Risk Acceptance Criteria.
- This evaluation will determine your eligibility and the amount you qualify for.
- If your application is successful, you’ll receive a formal loan offer via your registered email or mobile number.
3. Disbursement of Funds
- Once you accept the loan offer, the approved funds will be transferred directly to your NMFB account.
- You can access the funds immediately for your business needs.
4. Repayment and Monitoring
- Loan repayment begins 30 days after disbursement, with flexible payment options throughout the loan term.
- NMFB will also monitor the use of the funds to ensure they are used for productive purposes, in line with the loan agreement.
Why Choose the “Cash Now-Now” Loan?
This initiative is more than just a financial product—it’s a pathway to business empowerment. Here’s why it stands out:
- Quick Disbursement: Funds are released quickly once the application is approved, helping you meet urgent needs.
- Low Documentation: The application process is designed to minimize paperwork, making it accessible even to those with no formal business registration.
- Nationwide Reach: With NMFB branches across Nigeria, support and guidance are never too far away.
- Inclusive Financing: It gives previously unbanked and underbanked business owners an opportunity to grow and scale.
Contact NMFB for More Information
If you need help with the application process or want to learn more about the loan terms, NMFB’s customer support team is always ready to assist:
- Email: info@nmfb.com.ng
- Phone Numbers:
- +2349010026900
- +2349010026905
- +2349010026907
- +2347044538853
- +2347181536141
Conclusion
The “Cash Now-Now” loan by NIRSAL Microfinance Bank is a bold step toward financial inclusion for small-scale entrepreneurs in Nigeria. By making quick, accessible capital available to those who need it most, NMFB is helping to sustain and expand countless small businesses across the country.
If you're a small business owner looking for financial support to boost your operations, don’t miss this opportunity.
Apply now via NMFB's official portal and take the next step toward business growth!