The NBSSI Nkosuo program was launched on September 16, 2020, by Robert Ahomka-Lindsay, Deputy Minister of Trade and Industries. The program is a partnership between the National Board for Small Scale Industries and the MasterCard Foundation COVID-19 Recovery and Resilience Program. It is geared towards supporting small, micro, and medium enterprises (MSMEs). So, how do you apply for NBSSI Nkosuo loan?
The NBSSI Nkosuo program started with an initial commitment of GHS 90 million from the MasterCard Foundation. The money is meant to provide financial assistance in soft loans and grants to small businesses through institutions such as NGOs, banks, and fintech, among others. Worth noting, the amount contributed will vary depending on the size of the enterprise.
How to apply for NBSSI Nkosuo loan 2020
Whether a business is registered or unregistered, it is eligible to apply for funding. Here are some of the requirements that your business should meet as part of the eligibility criteria.
- Your Tax identification number (TIN)
- Proof of business operations
- Description of Business which includes the type personnel, customer, suppliers
- Financial details including sales, cash flow statement, profit & loss extract
- Detail of product and services
- Demonstrate that COVID–19 had a negative impact on your business in various ways. For instance, by reducing consumer demand for products and services, production and supply chain disruptions, shortages and delays, reduced capital and investment flows, and labour shortages due to social distancing regulations.
Priority sectors to receive the NBSSI Nkosuo loan
Not every sector is bound to receive the funds. The Board has provided a list of those sectors that are likely to benefit from the NBSSI Nkosuo funds.
- Agri and Agro-Businesses
- Food and Beverages
- Water and Sanitation
- Garments and PPE
- Commerce and Trade
- Tourism and Hospitality
- Healthcare and Pharmaceuticals
Other requirements include:
- The enterprise must be either a micro, small or medium enterprise.
- Informal enterprises
- Female-owned businesses are encouraged to apply
- Youth-owned or youth-led businesses (age 18-35) are encouraged to apply.
- An enterprise must be willing and committed to continuing maintaining the operation of their business via the accessing of a loan (either with or without the grant) and cannot avail the required loan collateral.
NBSSI loan application portal
Suppose you meet the eligibility criteria laid out for applying for the NBSSI Nkosuo loans. In that case, you can now move to the next step, which is accessing the NBSSI Nkosuo loan application form. You are required to visit the NBSSI registration portal and follow these easy steps:
- Fill the NBSSI loan application forms
- Once you're done, click submit and you'll be directed to the Review Page
- Review all your details to ascertain they are correct
- Click the submit button
NBSSI Nkosuo loan disbursement
Upon receiving your application, a team will review the application. If you meet all the requirements stated above, you will receive your NBSSI loan in your bank account or the mobile wallet. The process should take two weeks.
The NBSSI loan application process kick-started on September 16, 2020, and will run until the program's allocated funds run out. The Portal will also be closed once the funds run out.
Ghana Nkosuo loan 2020 contacts
If you want to clarify any information about the Fund, you can call the NBSSI call Centre on 030 274 7777. You can also visit the nearest NBSSI district office for more assistance.
With the above-detailed information on how to apply for NBSSI Nkosuo loan 2020, you can rest assured that you will have a seamless and successful application process. It is also crucial to remember that there are no fee payments for the procedure. It is free.
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