Business owners will pay 5% interest each on GHC600 million soft loan package

- The National Board for Small Scale Industries (NBSSI) has indicated that SMEs who access the GHC600 million package will pay 5% interest each

- It added that it has set up an online application system for interested business owners to access the loan

- The NBSSI added that the application process would be devoid of corruption or partisan politics

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The National Board for Small Scale Industries (NBSSI) has revealed that Small and Medium-scale Enterprises (SMEs) who take advantage of the GHC600 million stimulus package offered to help revamp their businesses would pay 5% interest each.

According to NBSSI’s Executive Director, Kosi Yankeh-Ayeh, such businesses would have three years to repay the loan and interest accrued.

Information available shows that an online portal has been created for small scale businesses to file their applications for the loans.

READ ALSO: Over 100 businesses in Ghana lose almost GHC40 million due to COVID-19

Per a report by Ghana Web, Yankeh-Ayeh added that all such businesses should possess Tax Identification Numbers (TINs) before they can access the facility.

She added that the NBSSI would be transparent in its dealings with regard to the package.

Audtitors, she went on, would independently check the records to ensure there are no discrepancies.

Kossi Yankey also took the opportunity to assure Ghanaians that the entire process would devoid of partisan politics and for that reason, there is no need for fears of being sidelined.

YEN.com.gh earlier reported that the government has sealed a GHC3 billion deal with the Bank of Ghana and commercial banks in Ghana to support specific local industries.

According to President Akufo-Addo, the amount will be available for industries that have been severely affected by the COVID-19.

He mentioned this during a meeting with stakeholders in the hospitality industry and explained that the fund would come in the form of loans.

READ ALSO: COVID-19: GNCCI says government should increase amount given to SMEs to do business

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Source: YEN.com.gh