COVID-19: GTBank gives 90-days moratorium on SMEs loan

TO reduce the effect of the Coronavirus Pandemic on Small and Medium Enterprises (SMEs) amid the lockdown, Guaranty Trust Bank, Africa’s foremost financial institution, 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 and was captioned thus, “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 3-months to continue to pay their loans.

With the COVID-19 lockdown order issued by President Muhammadu Buhari with the aim to stop the spread of the COVID-19 pandemic which has disrupted business activities, the nation’s capital, Abuja, Lagos and Ogun States have been badly hit by the effect.

GTBank moratorium on loan repayment comes as succour for the small businesses that have been the most affected, as most of them had to shut down their businesses, compared to large corporations whose workers have been working from home.

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