Guaranty Trust Bank 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 move is to reduce the effect of the coronavirus pandemic on SMEs amid the lockdown, the bank said.
“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,” it added.
The bank explained that the exempted businesses are those in the food industry, fashion industry, and quick credit for businesses.
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 of stopping the spread of the COVID-19 pandemic which has disrupted business activities.
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