GCB Bank launches GCB SME Loan Suite

Accra, Mar. 16, GNA - GCB Bank Limited, Ghana's largest indigenous financial institution, has launched a new automated product called the GCB SME Loan Suite to transform the businesses of Small and Medium-Sized Enterprise (SME) customers with timely short to medium credit facilities.

Speaking at the launch, Mr Samuel Sarpong, the Acting Managing Director, GCB Bank Limited, said the GCB Bank SME loan product would be a great practical financial support package for SMEs around the country.

'This intervention of business solution is timely for SMEs and entrepreneurs experiencing financial challenges,' he said.

Mr Sarpong said the five-pack Loan Suite which would support SMEs with timely short to medium credit facilities would in some situations require no collateral.

'This SME Loan is a five-pack Loan Suite through which GCB will support its SME customers with timely short to medium credit facilities to the tune of GHC 100, 000 and in some situations, no collateral will be required,' he said.

The Acting Managing Director of GCB Bank Limited said the move was in recognition of the importance of readily available financing to micro, small and medium-sized enterprises to promote sustainable economic growth and employment.

Mr Sarpong said since SMEs had become a formidable force in the economy and they were estimated to account for 80 per cent of all businesses in the country, GCB Bank Limited acknowledged their importance to national development and sustainability hence, the introduction of the loan scheme to help them in their day to day businesses.

'GCB's support to its SMEs customers through its Loan Suite is expected to positively impact on such businesses that need a bank which has confidence in them and which is ready to help them grow,' he said.

Mr Sarpong advised SMEs to actively draw on the wide range of products and services including advisory services offered for every stage of their business cycle.

Mrs Doris Wunu, the Head of Consumer Banking, GCB Bank Limited, said the bank has been contributing towards making Ghana a cashless society and the launch of the new GCB SME Loan Suite attested to that fact.

She mentioned Bridge Loan, Term Loan, Line of Credit, Contingent Liability and Overdraft as the various loan options available to SME customers of the bank.

On the application procedure, Mrs Wunu noted that a registered business entity with a GCB business bank account being operated for six months, with a two-year audited financial statements or income and expenditure statements would be required.

'Application letter and completed application form as well as mandatory and specific supporting documents are also required,' she said.

Mrs Wunu said applicants could apply at any GCB Bank or download a form from www.gcbbank.com.gh.

She urged customers to complete the form and submit it together with all other required documents to any GCB Bank branch.

GNA