The move, according to the government is to support their operations, amid the coronavirus (COVID-19) pandemic.
President Akufo-Addo announced this while addressing the nation on Sunday, 5 April 2020 regarding the state of the COVID-19 pandemic in Ghana.
He said, “This will be done in collaboration with the National Board for Small Scale Industries, Business and Trade Associations as well as selected commercial and rural banks.”
Adding that the facility will lessen the negative impact of the coronavirus outbreak on businesses.
President Akufo-Addo further noted that the loan will have a year moratorium and two-year repayment period.