Chief Executive Officer for MASLOC, Abibata Shanni Mahama Zakariah has assured young entrepreneurs of the institution’s firm commitment to providing micro-credit and small loans to start-ups and small businesses in the country.
Hajia Mahama Zakariah reiterated this commitment in her interactions with young entrepreneurs during this year’s edition of the Ekosiisen National dialogue series held at the Accra Digital Centre on Friday.
Hajia Abibata Shanni Mahama said in her opening remarks that the institution is committed to supporting SMEs and start-ups to grow their businesses in the country despite the limited resources due to the high demand for financial assistance.
She pointed out that MASLOC’s key supporting areas include support for Youth in entrepreneurship, women empowerment, Agro- based industry assistance and support for the physically challenged.
The CEO of MASLOC stated that many young entrepreneurs still find it difficult to get quick, simple and flexible financing to start or expand their businesses.
She called on persons with good business practices and viable business plans, the marginalized who cannot seek financial assistance from mainstream financial institutions due to high commercial rates and more complex documentation to reach out to the institution as it has been resourced to specifically assist the productive poor.
She continued by saying that small enterprises and startups can also benefit immensely from the capacity-building and skill development packages that are conducted before loan disbursal by the institution, this will help provide them with the competencies to be properly positioned to use the funds advanced to them profitably.
At the dialogue series, Madam Mahama Zakariah told young company owners that MASLOC offers cash loans from ¢5,000 to ¢200,000 per her approval limit and even ¢200,000 to ¢500,000 at the Board level to help them grow their companies.
Some of the various loans have a maximum tenure of 18 months with a one-month moratorium and an annual interest rate of 12%.
She continued by saying that MASLOC exists to empower Ghanaians between the ages of 18 and 65 by providing support for their existing enterprises and start-ups without discrimination or any biases and that she is committed to erasing the misconceptions that the institution is only favourable to people who are politically exposed.
She urged young business owners, particularly those in the agri-business industry working on animal house boundary, poultry, fish and crop farming projects with gestation periods of up to 18 months, to reach out to the company and solicit support.
Hajia Abibata noted they could get capacity building and training programs and the hire purchase scheme which enables the provision of items such as tricycles to enable them to transport their produce at fairly cheaper rates.
She also mentioned that the interest rate of six per cent per annum for agro-based loans is unbeatable, thus the youth should take advantage of this.
Madam Abibata Shanni Zakariah courted young entrepreneurs to also take advantage of their Hire purchase scheme that provides items such as saloon cars, minibuses, tricycles, sewing machines and hair dryers at very affordable cost and payment schedules to commence and boost their business.
Dr John Kumah, Deputy Finance Minister, Pius Enam Hadzide, CEO of NYA, Kofi Ofosu Nkansah, CEO NEIP, Michael Okyere Baafi, Deputy Minister of Trade and Industry, Kwadwo Baah Agyemang, CEO of Accra Digital Centers Limited and chairman for the occasion, Daniel Mckorley, Executive Chairman, McDan group were among the notable stakeholders present at the dialogue series.
The Ekosiisen Dialogue series is an initiative aimed at creating awareness of important national issues. This year’s dialogue series focused on entrepreneurship and its strategic importance to Ghana’s industrialization agenda.
