More traders in the country continue to benefit from loans from the Micro Finance and Small Loans Centre (MASLOC),with the latest being 750 beneficiaries from Ajumako in the Central region.
In all, a total of Ghc383,200 was disbursed to the 750 traders last Thursday, who belong to 30 different groups with each group consisting 25 members.
These batch of traders, most of whom are small and medium enterprise owners, received monies ranging between Ghc400 and Ghc600.
Whiles, other beneficiaries are to use the loan to expand their businesses, others needed the loan as a startup capital to improve upon their living condition, in line with the poverty alleviation aim of MASLOC.
The Head of Human Resource at MASLOC, Madam Esther Agbeko, who represented the Chief Executive officer (CEO) of MASLOC, presented the cheques to the beneficiaries.
In a spectacular fashion, she sensitized the traders on the need to pay back and to get all the beneficiaries to make public commitment to pay back before handing the cheques over to them.
In a similar approach, she beautifully segmented all the various groups and introduced the leaders and members of each group to each other, and demonstrated how the failure of one member to pay a group loan, could affect the image and chances of the group in the future.
The 750 beneficiaries, who were granted the loans were not only from Ajumako, but nearby areas such as Enyan ,Nkojo,Nkonyako,Okyeso and Essiam, which forms the Ajumako -Enyan -Essiam district of the Central region.
In view of this, Madam Agbeko, emphasized that MASLOC ,was in a position to grant them the loans, because of the fact that, those who took the loans in the past, were able to payback and was expecting them to do same.
Madam Agbeko, reiterated an often given advise by the Chief Executive officer of MASLOC, Mrs. Sedina Tamakloe Attionu, when she said the traders should endeavor to save the little profit they make before the end of the month, so that they can have money readily available to make their monthly payment.
Per their mandate, MASLOC, gives small loans of 2 percent interest to the productive poor in a non discriminatory manner towards reducing poverty .
The beneficiaries of MASLOC loans, have up to six months to pay back after a month’s grace period from the time the loan was granted.
The Head Of Human Resource, further explained that as part of the loan recovery process, beneficiaries are taken through basic financial literacy education before the cheques for loans are presented.
All the 30 groups, come under the umbrella name ‘Able Traders Association ‘.
The MASLOC Head of Human Resource, therefore urged them to allow the name of the Association guide them against misapplying the funds .
Aside forming the groups to access the MASLOC loan, she encourage them to strengthen the groups for other cooperative purposes.
Some of the women who expressed gratitude to MASLOC for granting the loans, indicated their resolve to pay back in earnest.
Interestingly, both the group leaders and members alike, pledged to hold themselves accountable with the aim of paying back on time.
The Central regional manager for MASLOC, Mr Ernest Arthur, reminded the beneficiaries of the fact that the loan was not for free.