How to obtain a MASLOC loan for your business: Requirements and application process

Whether you operate a small shop, run a service business, manage a growing enterprise or belong to a group looking to fund a joint venture, the Microfinance and Small Loans Centre (MASLOC) provides financing options designed to support small businesses and organised groups.

MASLOC is a government agency established in 2006 to provide micro and small loans to businesses, start-ups, groups and cooperatives, helping them expand their operations, create jobs and generate income.

If you are considering applying for a MASLOC loan, understanding the eligibility requirements and application process can help you determine whether you qualify and prepare before approaching the agency.

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MASLOC’s Small/Project Loan is available to individuals, corporate entities, groups, associations and cooperatives that require financing for a joint or common purpose.

According to MASLOC, applicants with an ongoing economic activity, venture or project have an added advantage when seeking a small loan.

To qualify, applicants must:

• Be between 18 and 65 years old and of sound mind.

• Have an ongoing business venture or project.

• Demonstrate sound knowledge and considerable experience in the business venture or project.

• If applying for a start-up, demonstrate that the proposed business or project is viable and capable of generating employment.

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MASLOC states that the full range of eligibility requirements is available at its regional offices or Head Office in Accra.

MASLOC also provides Group Loans for organised groups and cooperatives. These loans are subject to additional requirements relating to membership, leadership and the group’s activities.

A group or cooperative seeking a loan must:

• Have between five (5) and 25 members.

• Have members who are individually between 18 and 65 years old and of sound mind.

• Have a common production or operational interest.

• Have its own leadership structure, including a chairman, secretary and treasurer.

• Have internal rules and regulations governing the group.

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These requirements ensure that groups seeking financing have an established structure and a clearly defined common economic interest.

MASLOC directs prospective applicants to its regional offices or Head Office for information on its loan facilities and full eligibility requirements.

Applicants should begin by identifying the MASLOC office serving their area and making enquiries about the loan facility that best suits their needs.

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When making an application, prospective borrowers should be prepared to provide information about their business, project or group and explain how the funds will be used.

For an existing business, it is important to demonstrate the nature of the business, experience in the sector and the economic activity already under way. This is particularly relevant because MASLOC states that applicants with ongoing ventures or projects have an added advantage.

Applicants should also confirm the current loan amount, interest rate, repayment period, eligibility requirements and other applicable terms directly with MASLOC before proceeding.

MASLOC’s current official services information does not publish a universal GHS 1,000 to GHS 10,000 loan ceiling, so applicants should not rely on figures circulated elsewhere without confirming them with the agency.

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MASLOC operates regional offices across Ghana, allowing applicants to contact the office serving their region.

Its Head Office is located at:

29 Third Circular Road, Cantonments, Accra, Ghana

Applicants can contact MASLOC on:

+233 302 782527
+233 302 782528

Email:

info@masloc.gov.gh
enquiries@masloc.gov.gh

The Greater Accra Regional Office is located at the SSNIT Building, next to Cocoa House (Cocobod headquarters), Accra Central.

MASLOC also operates regional offices across the other regions of Ghana.

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Before approaching MASLOC, applicants should ensure that their business or project information is clear and that they can demonstrate relevant experience.

For group applicants, it is important to have the required five (5) to 25 members, a common production or operational interest, clearly designated leaders and internal rules and regulations.

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Applicants with existing businesses should clearly demonstrate their ongoing economic activity, as MASLOC explicitly states that such applicants have an advantage.

Finally, prospective borrowers should confirm all current loan terms directly with MASLOC before making financial commitments.