Micro, Small and Medium Scale Enterprises (MSMEs), according to the National Board for Small Scale Industries (NBSSI) will, from May this year, have access to government’s GHS 600 million soft loan stimulus package.
The loan, which comes with a one-year moratorium and two-year repayment period, is expected to mitigate the effects of COVID-19 on the operations of micro, small and medium-sized businesses.
Prospective applicants, according to Ms Kosi Yankey-Ayeh, Executive Director for NBSSI must be duly registered, in addition to having Tax Identification Numbers (TIN), among other eligibility criteria.
A committee comprising private sector players and various business associations has been set up to review, assess and identify the needs of all applicants.
The maximum amount a business can receive under the government’s stimulus package, according to Ms Yankey-Ayeh, will be determined after assessments by the committee.
The loan scheme she says, will benefit over 60,000 businesses in the country.