{"id":199304,"date":"2016-03-16T10:00:31","date_gmt":"2016-03-16T10:00:31","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=199304"},"modified":"2016-03-16T10:00:31","modified_gmt":"2016-03-16T10:00:31","slug":"gcb-introduces-loan-facilities-support-sme-financing","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/03\/gcb-introduces-loan-facilities-support-sme-financing\/","title":{"rendered":"GCB introduces loan facilities to support SME financing"},"content":{"rendered":"<p style=\"text-align: justify;\">SMEs seeking funding for their business operations could do so as the bank rolls out its new product called the <em>\u201cGCB SME Loan\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">The bank says the move is to meet the funding needs of SMEs which has been cited as a major constraint to the growth of the SME subsector even though they make up about eighty percent of all businesses in Ghana.<\/p>\n<p style=\"text-align: justify;\">The bank\u2019s Acting MD, Samuel Sarpong however explains that the business environment for SMEs is still challenging.<\/p>\n<p style=\"text-align: justify;\">The facility, which is a 5 pack loan suite will provide SMEs with medium term facilities to the tune of GH\u00a2 100,000 and in some situations, without collateral.<\/p>\n<p style=\"text-align: justify;\"><strong>Guarding against high interest rates<\/strong><\/p>\n<p style=\"text-align: justify;\">Meanwhile businesses must be able to implement efficient management practices to enhance their ability to repay credit they contract from financial institutions.<\/p>\n<p style=\"text-align: justify;\">This is the advice coming from banking practitioners.<\/p>\n<p style=\"text-align: justify;\">According to them, Ghana\u2019s high interest rate regime makes it challenging for most SMEs to meet requirements of financial institutions as they equally lack proper management principles.<\/p>\n<p style=\"text-align: justify;\">The advice also comes at a time when the MPC of the Bank of Ghana is expected to announce its policy rate next Monday after it concludes its meetings on the economy.<\/p>\n<p style=\"text-align: justify;\">Already, some economists have made a case for the policy rate to be reduced to reflect in reduced interest rates.<\/p>\n<p style=\"text-align: justify;\">The Acting Managing Director of GCB Bank, Samuel Sarpong, tells <strong>Citi Business News<\/strong> businesses can thrive only if they operate proper book keeping records.<\/p>\n<p style=\"text-align: justify;\">\u201cBasically I think the policy rate determines the interest rates going forward. However we have the ability to change the pricing of the loan. Clearly, interest rates are high in the country and there is no doubt about that but businesses must be able to manage their businesses well and in that way they may be able to repay the loan,\u201d Samuel Sarpong said.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SMEs seeking funding for their business operations could do so as the bank rolls out its new product called the \u201cGCB SME Loan\u201d. The bank says the move is to meet the funding needs of SMEs which has been cited as a major constraint to the growth of the SME subsector even though they make [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GCB introduces loan facilities to support SME financing - Citi 97.3 FM - Relevant Radio. 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