President Akufo Addo, in an address to the country, announced that the government is putting measures in place to lessen the burden of the coronavirus lockdown on businesses and their owners.
He announced the creation of a GHS 600 million facility to help Small and Medium-sized Enterprises (SMEs).
“National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, will roll out a soft loan scheme up to a total of six hundred million cedis (GH¢600 million),” he said.
Now, the Deputy Minister for Finance, Mrs. Abena Osei Asare has outlined basic guidelines for small scale businesses who want to access the government’s GHC600 million stimulus package.
The basic guideline are;
1. A business or an individual should belong to a recognized trade group.
2. A business or an individual should have a tax identification number (TIN)
3. A business or an individual Should a bank account or a mobile money account.
Further criteria for identifying these beneficiaries will be developed by NBSSI.
However, you must first satisfy the above guidelines before you can move to the next stage.
The GHC600m soft loan scheme will have a one-year moratorium and two years repayment plan.
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