Government to roll out soft loan scheme to SMEs to mitigate economic impacts of COVID-19

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President Nana Addo Dankwa Akufo-Addo has announced that his government in collaboration with the National Board for Small Scale Industries (NBSSI) is set to launch a soft loan scheme for Small and Medium Scale Enterprises (SMEs).

According to the President, a total of GHC 600 million will be loaned out to qualified SMEs indicating this decision is part of Ghana’s approach to mitigating the economic impacts of the coronavirus pandemic on small and medium scale businesses.

Speaking in his 5th address to the nation on COVID-19 updates, the president noted that this soft loan will have a one year waiting or grace period with two years repayment period adding that some selected commercial and rural banks in collaboration with trade unions be implementing the scheme.

“Government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business and Trade Associations and selected Commercial and Rural Banks, will roll out a soft loan scheme up to a total of six hundred million Ghana cedis (GHC 600 million), which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses,” President Akufo-Addo announced in his address to the nation on Sunday.

 

Source: ABCNewsgh.com

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