The Deputy Director for the National Board for Small Scale Industries, Anna Armo-Himbson, has explained on Frontline on Rainbow Radio 87.5Fm that the GHc1.2 billion stimulus package for businesses will benefit over 100,000 businesses in both the formal and informal sectors of the economy.
Responding to a question on the categories of beneficiaries she said ‘koko sellers’, bread bakers, plumbers, ‘waakye sellers’ and other small businesses are qualified to apply for the facility.
Out of the ¢1.2 billion earmarked for this Programme, ¢600 million will be disbursed as soft loans to Micro Small Medium Scale Enterprises, with a one-year moratorium and a two-year repayment plan.
She said the interest rate which was 5% has been reduced to 3% and beneficiaries have 2-3 years to repay the loan granted them.
She also cautioned the public against fraudsters who taking advantage of the package to charge them for registration.
She said: ”the application process for government’s Coronaravirus Alleviation Program (CAP) is free of charge.”
The facility she added is for existing businesses. However, persons who are producing essential products such as face masks, hand sanitizers and other products but are new businesses are qualified to apply.
In his fifth televised address to the nation, President Akufo-Addo announced that the government, in collaboration with the NBSSI, Business & Trade Associations and selected Commercial and Rural Banks, would roll out a soft loan scheme up to a total of GH¢600 million.
By: Rashid Obodai Provencal