To reduce the effect of the coronavirus pandemic on Small and Medium Enterprises (SMEs) amid the lockdown, 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 news was shared via its social media handle, where it said: “As a result of the COVID-19 pandemic and because small businesses have had to stay closed to stay safe, we’re giving a 90-day moratorium on repayment of the following loans.”
The bank explained that the exempted businesses are those in the food industry, fashion industry and quick credit for businesses would enjoy a moratorium of 90-days on such loans. This means that small businesses in the aforementioned categories have three-months to continue to pay their loans.
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