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Guaranty Trust Bank began operations in 1991, and has grown to become one of the biggest banks in Nigeria — serving millions of customers across the country. The bank offers a variety of services including internet banking, retail banking, corporate banking, investment banking and more.
Guaranty Trust Bank is also known as GTBank or simply as GTB.
Along with GTB, other tier-1 banks include — Access Bank, First Bank, United Bank for Africa and Zenith Bank.
Whether you have a small or large business, GTBank can offer you several products and services such as business loans, invoice discounting and overdrafts.
Funding and types of business loans available through Guaranty Trust Bank
Fashion Industry Credit
The facility allows entrepreneurs in the fashion sector, to get relatively cheap access to credit (up to N5 million). A single digit interest rate of 9% applies, and the loan can be used for a number of purposes.
Food Industry Credit
GT Bank’s Food Industry Credit, offers you a single digit interest rate loan — of just 9% per annum. Up to N2 million can be borrowed, for up to 6 months. A great option for those involved in the food business.
With the GTB Hub Advance, you can get access to valuable inventory financing — for all your business growth needs. You can borrow up to N2 million. Loans are extended for a maximum of 3 months.
This GT Bank facility is a line of credit, that enables businesses to spend more than is actually in their bank accounts — up to a certain pre-defined limit. Interest is charged on any borrowed money.
QuickCredit for Small Business
GTB’s QuickCredit for Small Business is a term loan, that supports the working capital requirements of businesses — involved in the education or healthcare sector. Up to 50% of average annual turnover can be borrowed, for a maximum of 6 months (education) or 12 months (healthcare). The applicable interest rate is 16%.
SME Invoice Discounting Finance (SME IDF)
Businesses can draw money against their receivables (invoices), with the GTBank SME Invoice Discounting Finance facility. A maximum of N50 million can be advanced. Up to 70% of an invoices value can be discounted or financed. The loan tenor is 60 days.
Term Loans for Schools
A medium to long-term credit facility, that helps schools expand their businesses — through building or acquiring landed property. This is a secured loan — with the property in question (or some other property) acting as collateral.
If your business imports and/or exports — GTBank has a mix of different products and services that can help. For instance — bills for collection, letters of credit and bank guarantees.
Short and Long Term Finance
To support your business’s daily operations, GTB offers finance products such as general time/term loans and leasing.
For businesses considering a large acquisition or a major project, where a significant amount of capital is needed, a syndicated loan is worth considering. Here, GTBank can arrange a group of funders (a syndicate) — that will lend you the required money.
Qualifying for a Guaranty Trust Bank business loan
Businesses involved in productive activities, may qualify for one of GTBank’s business loan or advance products. Businesses would need to be somewhat profitable, and show evidence of consistent monthly income. Further, having a good credit history is essential — particularly if you are after an unsecured loan.
General business lending criteria may (but not always) include:
- Having a registered business or company — with the Corporate Affairs Commission (CAC)
- Having a business or corporate bank account
- Been trading for some time (1-3 years minimum)
- Must have a good Credit Bureau Report — with no unpaid obligations or bad debt
- Being an active customer of the bank
Not every GTBank loan product is suitable for every business. For example, if your business is not involved in fashion, accessing credit through the fashion industry scheme — would not be possible.
GTBank business loans and advances are not reserved for individuals. If your business is not registered, or you need funds to start a business — you may consider getting a personal loan. You may be able to use a personal loan or a salary advance — for business purposes.
GTBank also has a range of personal loan products on offer — that may be appropriate for business use. Alternatively, SukFin can help you apply for a loan elsewhere.
How to apply for a Guaranty Trust Bank business loan
Applying for a GTBank loan involves researching and looking for a product — that your business is qualified for.
Some loan applications can be made online through GTB’s website, others can be made using your mobile phone and an app or USSD. Where significantly large funds are required, or more tailored funding solutions needed — a visit to your local branch would be in order.
Regardless of the credit facility that you apply for, your business’s suitability and the loan purpose would normally need to be evaluated. Assessment will be carried out in accordance with the guidelines of the credit facility in question. Approved funds will be released, subject to meeting any conditions — attached to an approval letter.
Where the bank already has enough information on your business, the approval process is often automated, with credit being disbursed into your account almost immediately.
Basic documents that may be requested as part of any application, may include:
- Completed application form
- Company profile
- Business plan
- Cash flow budget
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
Note. Not all of these documents are required; it is mainly based on the credit facility in question — among other things.
Frequently asked questions (FAQs)
How long will it take before receiving funds from GTBank?
Application processes vary. Where applications are made online or through mobile apps, decisions are often made instantly — particularly for current GTB customers. Conversely, where applications are made in person, at a branch, processes can take longer.
How long do I have to pay back a GTBank loan?
GTBank loan products are both short and long term. The type of business you have, and the purpose of the loan — tend to determine the length of any repayment period. Generally, loan terms of more than 3-5 years are rare.
How much can I borrow from GTBank?
The amount of money that you can borrow from GTBank depends on the credit facility you applied for. The size of your business and its turnover, also has an effect. You will likely only ever be given a loan, your business can comfortably afford to repay
What is the interest rate charged on a GTBank loan?
GTB interest rates differ. Government-backed GTBank loans, usually feature single digit interest rates (9%). The interest rates attached to loans directly from GTBank’s ledger, tend to be higher. Other charges may also apply, such as service fees.
Does GTBank require collateral?
Some GTB credit facilities require collateral, while others do not. Unsecured loans are possible — if relatively small amounts of money are involved, your business has a good trading history and you have a good credit score.
Larger sums of money, will commonly need some form of security. Acceptable forms of collateral can include:
- Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills etc.)
- Obligations of state governments or agencies of the Federal Government of Nigeria
- Other non-government debt instruments
- Physical assets e.g. real property
- Third party guarantors (or collateral)
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