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Business News Thu, 25 Aug 2016

GCB Bank to grow SME sector

GCB Bank Limited (GCB) has said it will foster a very close relationship with its SME clientele through its appointed SME Segment Specialists to help grow businesses across the country.

These Segment specialists have been equipped and empowered to ensure that the SME sector enjoys expert banking services through proactive support.

This was made known by Mr. Ernest Agbesi, Managing Director of GCB when he opened the GCB SME 2016 Forum in Accra.

The Forum, under the theme: “Sustaining SME Opportunities in Today’s Market”, drew over 250 participants from various sectors of business namely Manufacturing, Commerce, Hospitality, Services and Agriculture.

Mr. Agbesi said GCB’s show of support to SMEs is because of their distinct role as an identified engine of growth in the national economy.

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SMEs are known to contribute about 70% of Ghana’s GDP and account for 85% of manufacturing employment as well as 75% of employment in general, making SMEs extremely important to the national economy.

The MD said GCB as the nation’s largest Bank, has the development and growth of local business at the core of its strategy and will ensure the growth and success of SMEs and the informal sector for the good of the national economy.

“This underlines our strong commitment to inject life into SMEs with the right mix of products and services”, Mr. Agbesi added.

GCB Bank said it has developed the automated scoring system for efficient lending decisions to properly manage facilities for SMEs be they secured or unsecured.

These facilities are Bridge loans, Overdrafts, Lines of Credit Term loans and Contingent liabilities.

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Mr. Agbesi declared the confidence of GCB in the potential of SMEs as home-grown multi-nationals and said the Bank is ready to support them.

Mrs. Doris Wunu, Head of Consumer Banking at GCB said the loan origination process for SMEs has been simplified, using an objective credit scoring system to determine the eligibility of a business for a loan.

Due to the simplification of the process, some 580 SMEs have accessed facilities over the past nine months.

GCB Banks said it is determined to support and help nurture businesses in the SME sector to enable them explore their potentials, she added.

The Forum, which had resource persons from the National Board for Small Scale Industries and Enablis Ghana among others addressed topics which included “Business Management”, “Positioning Your Business For Investment” and “Building a Sustainable Business”.

Source: classfmonline.com