₦2.5 Million is available for you on Nirsal SME Loan scheme.
Stop struggling with funding your business dream by learning how to apply for the Nirsal SME Loan scheme.
In Nigeria, many fantastic business concepts never get off the ground due to a lack of capital. But what if you could access up to ₦2.5 million to turn your dream into a thriving enterprise?
The Nirsal SME Loan program is here to bridge the gap between your ambition and success.
Whether you want to open a boutique, launch a restaurant, or invest in a tech startup, Nirsal can empower you to get started.
Nirsal SME Loan Application Requirements
- Registered business with CAC (Corporate Affairs Commission)
- Valid government ID
- Business plan
- Audited financial statements (in most cases)
- Collateral (security for the loan)
Steps to Apply for Nirsal SME Loan
Gather your documents: Ensure you have all the necessary paperwork listed above.
Choose a participating financial institution (PFI): NIRSAL partners with various banks and microfinance institutions. Research and select the best fit for your needs.
Contact your chosen PFI: They will guide you through the specific application process and requirements.
Submit your application: Fill out the application form and submit it along with your documents.
Await approval: The PFI will review your application and notify you of the decision.
Nirsal SME Loan Interest Rate
The Nirsal SME Loan boasts a competitive interest rate, with a minimum set at 9% per annum.
For example, if you borrow ₦100,000 for one year, your total interest repayment would be ₦9,000 ( ₦100,000 x 9%).
Important Note: It’s important to remember that the exact interest rate may vary depending on the participating financial institution (PFI) and your specific loan terms.
Businesses you can launch in Nigeria with Nirsal SME Loan funding:
- Retail: Fashion store, phone shop, grocery store, bakery
- Services: Salon, car wash, cleaning service, catering business
- Manufacturing: Clothing production, furniture making, soap production
- Agriculture: Poultry farming, fish farming, vegetable farming