GCB Bank unveils GH¢1m unsecured loans to boost business growth at Kumasi MSME Caravan
As part of its commitment to empowering small and medium-sized enterprises, GCB Bank PLC has held the Kumasi edition of its MSME Caravan Business Clinic to build the capacity of local businesses. The event, held under the theme “MSME Unlocked: Powering Ghanaian Businesses for Sustainable Growth,” brought together entrepreneurs, business owners and industry stakeholders to […]
GCB Bank PLC organized the Kumasi edition of its MSME Caravan Business Clinic to empower small and medium-sized enterprises (SMEs). The event, themed "MSME Unlocked: Powering Ghanaian Businesses for Sustainable Growth," aimed to equip entrepreneurs with practical knowledge and financial solutions to support business expansion. GCB Bank's Head of Micro and Small Enterprises, Gabriel Owusu Siaw, announced the introduction of an SME Unsecured Business Loan, which allows businesses to access up to GH¢1 million without collateral or financial statements, provided they use their GCB business account.
This initiative addresses the challenges faced by SMEs, such as the lack of financing and collateral. In addition to financing, GCB Bank is providing non-financial support, including training on bookkeeping, business management, and business formalisation. GCB Bank is also expanding its digital services to improve operational efficiency.
The bank's Head of Business Development and Ecosystems, Abdul Mugiss Ahmed, stated that the initiative is part of efforts to reposition the bank as a transformed bank ready to support SMEs. SMEs contribute more than 90% of Ghana's economy, employing 80% of the workforce and contributing 70% to the GDP. Ahmed urged SMEs and MSMEs to partner with GCB Bank for tailored financial solutions and business advisory support.
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