Join certified associations to get easy access to the GHS600m COVID-19 Fund - President of NADA

Join certified associations to get easy access to the GHS600m COVID-19 Fund - President of NADA

President of NADA, Eric Boateng

The president of the Auto Mobile Dealers Association of Ghana (NADA) has urged business owners, who are eligible for the GHS600 million stimulus package to join a certified association or union, to make it easy for them to access the package.  

According to Mr Eric Boateng, owners of Small and Medium scale Enterprises (SMEs) who are not part of any credible association will find it difficult to access the package.

In an interview he said,

“The full assurance we have, is if you are not part of any association or union, from my understanding, it will be very difficult for you to even access that loan.”

 

He therefore entreats all owners of SMEs including members of the association he heads, to as a matter of urgency join an association.

According to Mr Boateng, based on the information privy to him, he “will urge, everybody, so far as I’m a car dealer I’m urging my people, they should try and corporate so that if you are qualified to get a particular package from what the President” has announced “you will definitely get,” it.  

He added members of his associations because he indicated that only members in good standing will be recognized and as such get access to the facility.

Government announced the stimulus package to provide a cushion to SMEs from the shock of the coronavirus pandemic on business activities in the country.  

During a ceremony at the Jubilee House on Tuesday 19th May, 2020 to launch the Covid-19 Alleviation Programme (CAP), President Akufo-Addo announced that the application for the fund starts on Wednesday, 20th May, 2020 and will end on Saturday, 20th  June, 2020. 

President Akufo-Addo also added that out of the GHS1.2 billion set aside to aid businesses reeling under the impact of COVID-19, GHS600 million will be paid out in the form of soft loans to Micro Small and Medium scale Enterprises (MSMEs). The facility’s rate of interest is three percent.  

 

According to the President, “Disbursement of the funds will be effected through the participating banks. Transparency and accountability will be the hallmarks of the operation of the Scheme.”

 

Those eligible to access the fund must be self-employed or sole proprietors. Also, one must be in a partnership or limited liability to benefit from the fund. Another criteria is that any eligible firm must be registered with the National Board for Small Scale Industries (NBSSI).

The sectors benefiting from the fund are; agro businesses; manufacturing; water and sanitation; tourism and hospitality; education; food and beverages; technology; transportation; commerce and trade; healthcare and pharmaceuticals; and textiles and garments.

CAP launch

Launch of the Coronavirus Alleviation Programme (CAP)

 

To prevent bottlenecks in the accessibility of the applications forms for those who are eligible the forms have been made available online via the website of the NBSSI; www.nbssi.gov.gh.

The application form can also be accessed through USSD code across all mobile networks. Applicants can also call the CAP Business Call Centre on 0302477777 or instead, visit the nearest NBSSI Business advisory Centre to be helped with the process of applying for the fund.