Guaranty Trust Bank also known as GTBank has announced its hold on loan repayment for all small and medium enterprises (SMEs) due to Covid-19 Pandemic.
GTBank of Nigeria 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 bank revealed this decision is made to reduce the effect of the Coronavirus pandemic on SMEs amid the lockdown.
However, This was revealed and shared via its social media handle and it reads,
“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.
The nation’s capital, Abuja, Lagos and Ogun states have been badly hit by the effect of 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.
In this case, Covid-19 Pandemic and lockdown has affected many business throughout the nation and to be recalled that GTBank has earlier donated some materials to the federal Government of Nigeria in support to stop the spread of deadly disease, Coronavirus.
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