By Gifty Arthur
Traders in the Ashanti Region, have received a total of GH¢829, 600 loan facility from the Microfinance and Small Loan Centre (MASLOC) to expand their businesses, with a call on them to pay back on time.
The traders, who have six months to repay the loan, were drawn from 11 constituencies being ; Adansi Asokwa, Obuasi East, Obuasi West, Adansi Akrofrom, Offinso North, Offinso South, Asanti Akyem North, Suame, Tafo, Sekyere Afram Plains and Atwima Kwanwoma.
In all, a total of 66 beneficiary groups numbering 1, 641, received the GH¢829, 600, to help expand their businesses.
Before meeting the requirement, the beneficiary traders went through an assessment procedure before they were finally considered for the loan. It is the expectation of the Centre that the traders will honour the 6 months repay agreement.
MASLOC, under the Office of the President, is a microfinance apex body, responsible for implementing the Government of Ghana (GoG) microfinance programmes targeted at reducing poverty, increasing jobs and wealth for all beneficiaries.
The Government, through MASLOC, is empowering Ghanaian women in the informal sector of the economy by assisting them with the lowest interest rate of 2%.
But due to competing demands from many others because the Centre operations cover the entire country and is operating with limited funds that cannot satisfy everybody at a goal, MASLOC, has become a revolving fund where others chance of getting depend on how fast beneficiaries pay back.
It is for this reason that the Operations Manager of MASLOC, Daniel Axim at the programme entreated the beneficiaries to use the loan for the intended purpose so that they will be able to raise the amount owed the Centre on time so that others who are waiting for their turn can benefit as early as possible.
According to Mr. Axim, who sat in for the Chief Executive Officer (CEO), Sedina Tamakloe Attionu, said the loan facility was in line with government’s efforts to reduce poverty and empower Ghanaian women in their respective business nationwide.
MASLOC, over the years has modestly established itself not only as a microfinance institution that disburses micro and small loans to identified poor in the various sectors of the Ghanaian economy, but also provides business advisory services, training and capacity building for small and medium scale enterprises (SMEs) as well as collaborating institutions, to provide them with the required skills and knowledge in managing their businesses efficiently and effectively.