GBTI launches Invoice Financing for contractors in oil and gas sector

The Guyana Bank for Trade and Industry has launched its invoice financing programme targeting contractors in the oil and gas sector.

The aim of the new initiative is to ensure easy access to financing for companies that provide services to ExxonMobil.

Through this initiative, businesses in good standing can receive up to 80% of the value of their validated invoices for ExxonMobil in advance.

Chief Executive Officer of GBTI, Shawn Gurcharran, described the new service as a milestone and said it is a testament to the bank’s commitment to its customers.

“GBTI has always been on the forefront in the financial sector and the introduction today of invoice financing underscores our dedication to providing practical and importantly accessible services to our customers. We remain committed in supporting the business community with products that cater to their evolving needs ensuring that financial constraints do not hinter progress,” the CEO stated.

The CEO said as a local bank, GBTI will continue to lend support in whatever way possible to make the lives of its client easier, noting the financial difficulties that businesses could face at times.

“We at GBTI are here to support your business every step of the way providing you with the financial solution you need to thrive and succeed,” the CEO noted.

Meanwhile, the Bank’s Business Development Manager, Rawattie Mohandeo, said the initiative is a ground breaking one, geared at revolutionizing financing for business especially those in the oil and gas sector.

“We have long understood the challenges faced by suppliers in securing capital to meet contract obligations. Over the past few years we have diligently been exploring ways to bridge this gap, knowing that an efficient structured financial solution much needed relief,” she stated.

Senior Minister responsible for Finance, Dr. Ashni Singh, welcomed the initiative of GBTI. He said with businesses Guyana expanding to meet the demands of the oil and gas sector, it is important for them to also have strong financial support.

He praised the bank for the role it has been playing in the local financial sector, especially in the area of launching innovative initiatives.

GBTI also recently launched its Master Business Executive card and GBTI Grow Initiative, which the company said are aimed to provide faster services to its clients.