In line with their long-term commitment to growing and creating opportunities for small businesses, Guaranty Trust Bank Plc has announced its collaboration with the Development Bank of Nigeria (DBN) to disburse N25 billion to entrepreneurs in Nigeria’s Micro, Small and Medium Enterprises (MSMES) sector.
The funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations.
In 2018, the DBN disbursed a total of N31.364 billion to 35,000 end borrowers, done through Participating Financial Institutions (PFIs). There should be a significant increase following the N25 billion funding partnership with GT Bank. The focus of GT Bank is on creating greater access to credit for small businesses.
GT Bank has been at the forefront of driving innovative solutions and socio-economic initiatives that empower small businesses with the financing, resources and access to markets that they need to grow.
GT Bank offers a wide range of low-interest loan products designed exclusively for MSMEs. Even more, it will be taking its support further with its partnership with the DBN.
The managing director and CEO, Guaranty Trust Bank plc, Segun Agbaje, said, “Empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better, commenting on the partnership with the Development Bank of Nigeria. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.”
Agbaje also added that, “As a bank that is passionate about promoting enterprise. We will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity. And also to grow revenue and connect with consumers and business experts from around the world.”
GT Bank is also intervening in key economic sectors to strengthen small businesses. It recently launched the GT Bank Food Industry Credit and Fashion Industry Credit. Unique loan products designed specifically for small businesses in the food and fashion industries. These loans are offered at a repayment rate of nine percent per annum.