Applying for GH¢1bn loan not an automatic guarantee, it will be scrutinized – NBSSI

Applying for GH¢1bn loan not an automatic guarantee, it will be scrutinized – NBSSI

Kosi Yankey-Ayeh - Executive Director of the NBSSI

The National Board for Small Scale Industries (NBSSI), has explained that it is not automatic for businesses to receive the amounts they apply for from the government’s GHS 1billion stimulus package allocated to Micro, Small and Medium Scale Enterprises (SME) as a result of the adverse effect of the coronavirus.

The agency says every request will be subjected to strict proof to determine whether the applicant qualifies, and how much they can receive. The NBSSI says over fourteen thousand business owners have already applied for the package, and that majority of the applicants are within the agribusiness and education sectors.

Speaking to the media in an interview, the Ashanti Regional Manager of NBSSI, Manu Bashir, said his outfit will ensure that due processes are followed to the core.

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Manu Bashir - Ashanti Regional Manager, NBSSI

“This money is in there and everybody is more or less struggling to have a piece of it so naturally it is like first come first served. We are also into business development and for that matter, we know that business people do not at all times make the right request for the amount they really need. When you submit your particulars, we are experts in the field so when we do our analysis and we see that for instance, you requested for ten thousand Ghana Cedis but when we look at your sales turnover and other things, we can reduce the amount. So, don’t be expecting to get the amount you requested for because it may happen during the checks that after all you do not really qualify for the amount you have applied for because your other particulars may not support that,” he said.

 

What is the purpose of the 1billion stimulus package?

The GHC1 billion stimulus package is intended to provide Micro, Small and Medium Scale Enterprises some financial support as a result of the outbreak of COVID-19. Again, the soft loan scheme will have a one-year moratorium and two years repayment period for micro, small and medium scale businesses, with a three per cent interest rate.

How it can be applied?

In order to ensure a smooth application process for all eligible candidates, application forms have been made available online on the website of NBSSI, which is www.nbssi.gov.gh.

It is also available via USSD code across all mobile networks, of which applicants can also call the Coronavirus Alleviation Programme (CAP) Business Call Centre on 0302 477 777, or visit the nearest NBSSI Business Advisory Centre for assistance with their applications.