Guaranty Trust Bank, has put on hold Small and Medium Scale Enterprises, SME’s loans repayment within its banking portfolio.
This the bank explained was as a result of the COVID-19 pandemic which has kept small scale businesses closed in order to stay safe.
The bank also made it known that they are giving a 90- day moratorium on SME loan repayments of the Food industry credit, Fashion industry credit and quick credit for business.
SMEs play critical roles in job creation and economic development. The Bank intervenes in several industries, by strengthening SMEs, through capacity-building and non-profit consumer-driven fairs, that empower selected SMEs with new expertise that increases their economic impact.