Chief Executive Officer (CEO) for MASLOC, Hajia Abibata Shanni Mahama Zakariah, has assured young entrepreneurs of the institution’s firm commitment in providing micro credit and small loans to start-ups and small businesses in the country.
She made this commitment in her interactions with young entrepreneurs during this year’s edition of the Ekosiisen National dialogue series held at the Accra Digital Centre on Friday.
She said in her opening remarks that the institution is committed to supporting SME’s and start-ups to grow their businesses in the country despite the limited resources due to the high demand for financial assistance.
She pointed out that MASLOC’s key supporting areas include support for youth in entrepreneurship, women empowerment, agro- based industry assistance and support for the physically challenged.
The CEO for MASLOC stated that many young entrepreneurs still find it difficult to get quick, simple and flexible financing to start or expand their businesses, however, with good business practices and viable business plans, the marginalised who cannot seek financial assistance from main stream financial institutions due to high commercial rates and more complex documentation, should reach out to the institution as it has been resourced to specifically assist the productive poor.
She continued by saying that small enterprises and startups can also benefit immensely from the capacity building and skill development packages which are conducted before loan disbursal by the institution. This will help provide them with the competences to be properly positioned to use the funds advanced to them profitably.
At the dialogue series, she told young company owners that MASLOC offers cash loans from GHS 5,000 to GHS 200,000 per her approval limit and even GHS200,000 to GHS 500,000 at the Board level to help them grow their companies.
Some of the various loans have a maximum tenure of 18 months with one month moratorium and an annual interest rate of 12%.
She continued by saying that MASLOC exists to empower Ghanaians between the ages of 18 and 65 by providing support for their existing enterprises and start-ups without discrimination or any biases and that she is committed to erasing the misconceptions that the institution is only favourable to people who are politically exposed.
She urged young business owners, particularly those in the agri-business industry working on animal house boundary, poultry, fish and crop farming projects with gestation periods of up to 18 months, to reach out to the company and solicit support for their initiatives through its cash loans, capacity building and training programmes as well as the hire purchase scheme which enables the provision of items such as tricycles to enable them transport their produce at fairly cheaper rates.
She also mentioned that the interest rate of 6 percent per annum for agro based loans is unbeatable, thus, the youth should take advantage of this.
She courted young entrepreneurs to also take advantage of their Hire purchase scheme that provides items such as saloon cars, mini buses, tricycles, sewing machines and hair dryers at very affordable cost and payment schedules to commence and boost their business.
Dr. John Kumah, Deputy Finance Minister, Hon. Pius Enam Hadzide, CEO NYA, Mr. Kofi Ofosu Nkansah, CEO NEIP, Hon. Michael Okyere Baafi, Deputy Minister of Trade and Industry, Hon. Kwadwo Baah Agyemang, CEO Accra Digital Centre Limited and chairman for the occasion, Mr. Daniel Mckorley, Executive Chairman, McDan group were among the notable stakeholders present at the dialogue series.
The Ekosiisen Dialogue series is an initiative aimed at creating awareness on important national issues. This year’s dialogue series focused on entrepreneurship and its strategic importance to Ghana’s industrialisation agenda.
