GCB Bank, an indigenous banking giant, has launched a promotion to provide financial resources to small and medium scale enterprises (SMEs).
Dubbed: ‘GCB SME Loan’, “SME operators with the bank, can access loans to the tune of GH¢100,000 to finance their business operations”.
Speaking at the launch in Accra yesterday, the Acting Managing Director of GCB, Samuel Sarpong, said the product “will be a great practical financial support package for SMEs around the country”.
“This intervention of a business solution is timely for SMEs and entrepreneurs experiencing financial challenges,” he said.
Mr. Sarpong said the management of the GCB decided to come out with the product following a SME Clinic the bank held in Kumasi, which revealed that finance was a big challenge to SMEs.
That, he explained was because SMEs lacked collateral and financial information to support their sourcing of funds from the financial market.
Mr. Sarpong said SMEs played a critical role to the economic growth of the country through employment creation and payment of tax to government.
“GCB acknowledges the importance of the SME sector to national development and sustainability and with the introduction of this special loan scheme for SMEs, GCB aims to offer support to the nerve-centre of the national economy,” he said, adding that the support to the SMEs would go a long way to improve the businesses of operators in the sector.
Mr. Sarpong said customers who applied for the loan would be provided with a credit relationship manager to provide banking and business services to them.
The Acting Managing Director entreated customers to adopt good and sound financial management practices such as good record keeping to ensure the growth of their businesses.
The Head of Consumer Banking of GCB, Mrs Doris Wunu explaining the modalities of the product said SME operators who operated an account with the bank for the past six months could access the loan.
In addition, she said SMEs which could access the loan should be registered business entities and should have a two-year audited financial statements and income expenditure statements.
By Kingsley Asare