As part of a commitment to grow Nigeria’s Micro, Small and Medium Enterprises (MSMEs) sector, Guaranty Trust Bank Plc, is partnering with the Development Bank of Nigeria (DBN) to disburse N25billion funding to entrepreneurs.
The Daily Times, however, observes that the N25 billion funding is the single largest disbursement by the development bank to any financial Institution in Nigeria,
since it was set up by the Federal Government of as a wholesale development finance institution (DFI) to address the major financing challenges facing MSMEs in the country.
In 2018, the DBN disbursed a total of N31.364billion to 35,000 end borrowers through Participating Financial Institutions (PFIs).
This is expected to grow significantly following the N25billion funding partnership with GTBank due to the Bank’s focus on creating greater access to credit for small businesses.
GTBank has been at the forefront of driving innovative solutions and socio-economic initiatives that empower small businesses with the financing, resources and access to markets that they need to grow.
Among these are the Bank’s free business platforms, the GTBank Food and Drink Festival and the GTBank Fashion Weekend, through which it is accelerating growth for Small Businesses in Nigeria’s food and fashion industries.
The Bank also offers a wide range of low-interest loan products designed exclusively for MSMEs, and will be taking its support further with its partnership with the DBN.
Commenting on the partnership with the Development Bank of Nigeria, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje said,
“Empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better.
This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.”
“As a Bank that is passionate about Promoting Enterprise, we will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity, grow revenue and connect with consumers and business experts from around the world”, he further stated.