GTBank, DBN collaborate on disbursement of N25 billion MSMEs’ fund
Guaranty Trust Bank Plc (GTBank) is partnering with the Development Bank of Nigeria (DBN) to disburse N25billion funding to entrepreneurs in Nigeria’s Micro, Small and Medium Enterprises (MSMEs) sector.
The funding, which id the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations, is also in line with GTBank’s long-term commitment to growing small businesses.
The Development Bank of Nigeria (DBN) was set up by the Federal Government of Nigeria (FGN) as a wholesale development finance institution (DFI) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
In 2018, DBN disbursed a total of N31.364 billion to 35,000 borrowers through Participating Financial Institutions (PFIs), but expected to grow significantly following the N25 billion funding partnership with GTBank with the bank’s focus on creating greater access to credit for small businesses.
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.”GTBank has been 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.