GCB Bank supports SMEs with GHC25m

GCB Bank has said it is committed to supporting and nurturing Small and Medium Enterprises (SMEs).

In view of this, the bank said it has disbursed GH¢25 million loans to about 880 businesses across the country since the introduction of the SME Loans product 11 months ago.

The bank explained that the SME Loan product included bridge loans, term loans, overdraft, contingent liability and lines of credit aimed at providing a short to medium credit facilities to the tune of GH¢100,000 with or without collateral.

The aim of the initiative, the bank said, is to create tailor-made solutions to varying financial needs of SME who consistently contribute to the economy’s growth.

Doris Wunu, Head of Customer Banking at GCB Bank disclosed this at the third edition of GCB Bank 2016 SME Business Forum, which came off in Tamale, on the theme “Sustaining SME opportunities in today’s market”.

The essence of the forum, according to Ms. Wunu, was to enable the bank interact with its customers as well give the bank an opportunity to share its experiences, expectations and ideas on how to improve on the collaboration as well build on the existing relationships.

She added that the bank’s loan origination process has also been simplified because of the use of an objective credit scoring system to determine the eligibility of a business for loan.

GCB Bank, she said, will continue to set the pace in small business development and other fora to help change the way most entrepreneurs and small business owners operate in the country.

Ernest Mawuli Agbesi, Managing Director of GCB Bank Limited said the forum has been held as a direct intervention and business solution for the SMEs at a time when entrepreneurs were looking to maximize returns and enhance the bottom-line of their businesses.

Mr. Agbesi stressed that SMEs play an important role as the engine of growth of Ghana’s economy contributing to about 70 percent of the country’s Gross Domestic Product.

"As Ghana's largest bank, we take into consideration the immense contribution SMEs make to productivity ,employment, the optimum use of resources and ultimately national development," he said.

“This underlines our strong commitment to inject life into SMEs with the right mix of products and services,” Mr. Agbesi said. He therefore urged the SMEs to also ensure registering their businesses to access credit from financial institutions.