5000 startups in Ghana to get access to GHC50 million credit facility - Gov’t

5000 startups in Ghana to get access to GHC50 million credit facility - Gov’t

- The National Entrepreneurship and Innovation Programme (NEIP) has announced a GHC50 million package for start-ups in Ghana

- The credit facility comes with a 10% interest charge

- The move forms part of measures to provide support for start-ups and small businesses

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The National Entrepreneurship and Innovation Programme (NEIP) has set aside GHC50 million for 5000 startups in Ghana.

According to NEIP’s Chief Executive Officer, John Ampontuah Kumah, it forms part of the presidential business support program aimed at providing integrated national support for start-ups and small businesses.

He added that there are plans to grow new businesses with financial and business development services.

5000 startups in Ghana to get access to GHC50 million credit facility - Gov’t

John Kumah, CEO of NEIP Source: Ghana Web
Source: UGC

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Kumah went on to say that “we are also seeking to train an average of 100 beneficiaries per district, so when you multiply that by the 260 districts that we have in the country it will be 26,000 beneficiaries. It starts tomorrow and ends on June 31.”

Per a Ghana Web report, he added that the support comes in the form of a credit facility that should be repaid.

He further revealed that the amount allotted to the project has been reduced, compared to previous years, and the number of potential beneficiaries has been increased.

Kumah disclosed that the financial assistance being given to startups comes at a 10% interest.

In other news, 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 GHC200 million was spent on video games in Ghana in 2019 - Report

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