The GCB Bank announced in a statement that, the “GCB SME Loan Suite” is aimed at providing short to medium credit facilities to the tune of GH¢100,000.00 with or without collateral to turn their businesses around.”
It said, the loan facilities in the suite include a Bridge Loan for all businesses requiring short term financing and urgent support, Term Loan; customised secure loan for fixed tenor and repaid in 36 months, Overdraft, (this needs explanation) Contingent Liability, guarantees issued on behalf of customers and Line of Credit, a standby facility for businesses to be used within a specified period.
Mr Samuel Sarpong, Acting Managing Director of the Bank, who launched the product in Accra said the introduction of the GCB SME Loans is in recognition of the importance of the SME sector to national development and sustainability, adding that GCB aims to offer support to the nerve-centre of the national economy, adding that it is a manifestation of the Bank delivering on its promise.
“… and let me add that this suite of loans comprises exciting products designed to delight our valued SME customers. GCB’s support to its SME customers through its loans suite is expected to positively impact on such businesses to grow,” he said.
Mr Sarpong pointed out that SMEs have become a formidable force in the economy accounting for 80 percent of all businesses in Ghana, and that the SMEs bring vibrancy, innovation and broader choice to the marketplace and employing a sizeable volume of the labour force.
He urged SMEs to take advantage of the wide range of products and services to improve on their businesses.
On her part, the Head of Consumer Banking Department of the Bank, Mrs Doris Wunu, said, GCB through a pilot project has provided finance for some 100 SMEs, advising those whose accounts have become dormant to reactivate them for “the time to do business with GCB is now.” she said.
Source: Newsghana.com.gh
