Guaranty Trust Bank has placed a hold on its loan repayment plan for all Small and Medium Enterprises (SMEs) that have obtained credit facilities from the bank.
The financial institution took the decision to alleviate the heat of the Coronavirus pandemic on the operations of the SMEs amidst the lockdown.
The lender explained that businesses that obtained Food Industry Credit and Fashion Industry Credit would be issued a 90-day moratorium from repayment of loan. GTBank also afforded individuals who obtained Quick Credit for business the same benefit.
What it means: Small businesses that fall within the aforementioned categories don’t have to repay their loan in the next three months but the interest rates on the facilities will still be paid. “We have put on hold all repayment on SME laons as a result of the COVID-19 pandemic and because small businesses have had to stay closed to stay safe, we are giving a 90-day moratorium on repayment of loans.”