GTBank Loans and Advance
What are Loans and Advances?
Loan is a type of debt. The borrower would pay back bits by bits until the debts is cleared. Interest is charged as agreed with the borrower and the interval of payment. Advance is a credible facility granted by the banks to their customers in large sum but in a very short term. In the development of every Nation’s economy, the small scale and medium scale Enterprise (SME) sector is highly important. These Nations economy SMEs has proven to be the most saving means of standardization in the stability of the economy and as such it enhances rapid economic growth, industrialization, and alleviation of poverty their by boosting the Nation’s Standard of living. So, the Guarantee Trust Bank has viewed the angle of the Nation’s economy and developed a platform where by SME customers are provided with different sorts of products and services in order to boost business growth and stabilize a sustainable wealth acquaintance.
Therefore, We in Guaranty Trust Bank with the knowledge of the country’s economy have pulled through basic measures to sustain customer business and adding a reasonable value to businesses by giving customer loans and advances to match customer’s financial requests and needs. The following loans are as follows in detailed form:
- Foreign Trading: The Guaranty Trust Bank provides customers who engage in foreign trade a wide range of services such as bills for collection and a Credit letter for International Trade settlement which gives customers an edge over being harassed or queried for doing businesses in a foreign country.
- Scale and Medium Enterprise Term Loan (Build or Buy): GTBank long term loan which is offered to customers aiming at helping established and well-structured schools in the wide increase of their landed properties in order to meet expected business demands. The tenor lasts for about 3 to 10 years giving schools funds up to 300million. These helps in improving the Nation’s economy and boosting g standard of living.
- Invoice Discount Facility: This is a short term borrowing facility which makes provision of fast cash flow solution to customers business needs. Your business can draw money against invoices (receivables) issued before your clients pay for products supplied or services rendered. Up to 70% of the value of confirmed invoices can be advanced for a set period of 30-90 days prior to when payment is made.
How to Open Scaled and Medium Banking account GTBank Loan and Advances
What you need to know:
In order to open an SME Banking account, you have to provide our staff with information’s listed below. For Limited Companies and partnerships, we will need to identify at least two principals to the account
1. Proof of identity
we need to see ONE of the following:
- Valid international passport
- Driver’s license
- National identity card
2. Personal details of signatory/director
- Name address and contact telephone number
3. Proof of address
- Utility (electric bill, phone bill, waste bill, water) from the last 3 months
4. The Details of the Business
The Business name, address and contact numbers of the business owner, principal trading activity and date the business started.
For Limited Companies and limited liability partnerships, we will need to see proof of business registration as listed below:
- Board resolution (signed by 2 directors/1 director and Company Secretary)
- Printed copy of Tax Identification Number (TIN)
- Copy of Certification of Incorporation
- 1 passport photo of each signatory to the account
- Copy of form C07
- Memo and Article of Association
- Company seal