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The president admitted the challenges most businesses are facing during this pandemic, therefore, the need for support from government.
Though the scheme was announced over a month ago, businesses are yet to access the loans across the country.
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President Akufo-Addo
According to the National Board for Small Scale Industries (NBSSI), documentation for the disbursement of the GHc600 million soft-loan scheme pledged by government to alleviate negative impacts of the COVID-19 pandemic on small scale businesses across Ghana has begun.
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NBSSI’s Executive Director, Kosi Yankey-Ayeh estimates businesses will receive the loans from this month.
We, therefore, took a look at how government intends to disburse it:
- The loan comes with a one-year moratorium: This means businesses who access this facility will have a period when they will not be obligated to make payments.
- Borrowers have a 2-year period to pay back the funds granted to them.
- The scheme will be regulated by government in collaboration with the National Board for Small Scale Industries (NBSSI), business and trade associations and selected commercial and rural banks.
- Prospective applicants must be duly registered, in addition to having Tax Identification Numbers (TIN), among other eligibility criteria.
- To ensure transparency and that only deserving businesses benefit from the support, an online application platform will be used by applicants.
- A committee comprising private sector players and various business associations will review, assess and identify the needs of all applicants.