Business Owners to Pay 5% Interest Each on Gov’t GHC 600 Million Soft Loan

Businesses should possess Tax Identification Numbers (TINs) before they can access the soft loan package.

Business Owners to Pay 5% Interest Each on Gov’t GHC 600 Million Soft Loan

The National Board for Small Scale Industries (NBSSI) has disclosed that entrepreneurs who take advantage of the GHC600 million stimulus package earmarked for Small and Medium Scale (SMEs)  business affected by the covid-19 pandemic, 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.

Per a reports, these businesses should possess Tax Identification Numbers (TINs) before they can access the soft loan package.

However, Kosi Yankey Ayeh said the portal for the loan facility will be launched within this week [18th May to 22nd May] to start receiving applications.

“We’ve given ourselves a month for the applications to come through we took into consideration people’s accessibility,” the NBSSI Executive Director, Kosi Yankey Ayeh, said on the Citi Breakfast Show.

 

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Miss Ayeh assured of transparency and the non-partisan disbursement of funds with the technology used in monitoring and evaluating the process.

“I think we’ve put in place the right structures and institutions that’s why from the beginning we had the engagement [with SMEs]. Secondly, this platform will be done in a transparent way where there is technology involvement. In areas where there is no technology involvement, people will come on board and support it.”