Ghc57 million disbursed to successful businesses through CAP BuSS-Minister
The government as so far disbursed an amount of GH¢57,121,441.50 to 64,196 successful applicants (made up of 17,526 males and 46,670 females) under the Adom Micro Loans Scheme.
This was disclosed by the Finance Minister Ken Ofori-Atta when he presented the mid-year budget review on Thursday.
The average amount disbursed per beneficiary is GH¢889.80, he added.
He told the house that the CAP Business Support Scheme (CAP BuSS) of GH¢600.0 million was designed to specifically support micro, small and medium-sized enterprises (MSMEs) and was launched by H. E. President Nana Addo Dankwa Akufo-Addo on 19th May, 2020.
The Scheme is part of the GH¢1.2 billion CAP approved by Parliament to address the disruption to economic activities due to the pandemic.
Under the Scheme, Government, through the National Board for Small Scale Industries (NBSSI), and in collaboration with the business and trade associations and selected commercial and rural banks, rolled out a soft loan scheme with a one-year moratorium and two-year repayment period for MSMEs.
The objectives of the Scheme are to provide emergency relief fund for MSMEs and entrepreneurs in Ghana, establish a comprehensive and financially sustainable emergency relief fund package for MSMEs, and provide them with technical assistance to ameliorate the impact of COVID-19.
The Scheme established the Adom Micro Soft Loans for micro enterprises which are being disbursed through Vodafone mobile money. The Anidasuo Soft Loans, targeted at small and medium enterprises, will be disbursed through participating financial institutions.
”Mr. Speaker, the online registration and application for assistance was opened to the public on 20th May, 2020 and closed on 26th June, 2020. At the close of registration, 715,795 applications, comprising 64.2 percent female and 35.8 percent male applicants, had submitted requests for assistance totalling GH¢7.6 billion. Micro Businesses accounted for GH¢5.2 billion, or 95 percent of the loan requests,” he said.