GCB Bank provides assistance to small scale businesses   

In line with its core mandate, GCB Bank has launched the Medium and Small Enterprise (MSE) loans in the Ashanti regional capital of Kumasi, with the objective of supporting micro-economics in the region and Ghana at large.

The product, which comes with three percent monthly interest, is exclusively meant for business operators who have come together as a team. They can access up to GHC 200,000 and repayment can be done on daily, weekly and monthly basis.
The Executive Head of the Retail Banking Department at the GCB Bank, Mr. Sina Kamagate, made this known at the New Kejetia Market, where the loan package was launched.

According to him, the MSE seeks to cushion traders and business operators in the area.

Guided by the statistics that 83% of businesses in Ghana operate within the micro economic space, Kamagate said GCB is offering loans to traders for the development of the micro sector, since that was one primary objective under which GCB was formed in 1953.

Kamagate told the function , which was largely attended by market queen mothers, representative of Ghana Union of Traders (GUTA)  that the GCB MSE loan is a validation of GCB’s primary objective. This, he said, is meant for groups who are into business or trading activities.
We know that in the market, there are groupings and so they can put themselves into groups of up to ten and come to us for a group loan. What is good about the group loan is that you get to enjoy several undertakings from the members with each one looking at each other’s back.
He further told traders that GCB was going to open a bank account for the traders, through which they will repay their loans.
The repayment plan, according to the Executive Head of the Retail Banking Department at the GCB will determine the credit worthiness of the payee or traders.

Sina Kamagate also disclosed that his outfit had a short term loan facility of GHC 200,000 for individual traders with an interest rate of 3.5%.

Welcoming the GCB MSE, Nana Yaa Boadu, the Queen mother for Africa Prints, Kumasi, noted that it will go a long way in assisting them to improve upon their businesses.

According to her, compared to other financial institutions, the interest rate of GCB’s MSE is the best.

“If you sign up for a loan with a high interest rate, it is difficult to pay so this module will help us.

“Additionally, unlike other financial institutions, we have so much trust in the GCB brand, which is one of our own and we are happy they have come to our doorstep with this package”, she said.

Nana Yaa urged her fellow traders, especially Africa prints dealers, to come together and form groups to subscribe to the GCB’s MSE loans.

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