GHS1bn SMEs Loan: NBSSI Cautions Against Illegal Charges

The National Board for Small Scale Industries, NBSSI, says the application process for government’s GHS1 billion Coronavirus Alleviation Programme Business Support Scheme, is absolutely free.

The clarity comes on the back of reports that some applicants are being charged between 200 and 250 cedis by some persons to access the loan package announced by government to mitigate the plight of businesses whose operations have been affected by the coronavirus pandemic.

Speaking to Citi Business News, Executive Director of NBSSI, Kosi Antwiwaa Yankey-Ayeh, asked the public to be careful of fraudsters taking advantage of the scheme.

“We are not charging anyone to register, and we are not going round markets telling people to pay any fee to register with us. I think what people are doing is taking advantage of the situation to make money which is fraudulent” she clarified.

Madam Yankey further advised the public to disregard such persons who only seek to extort money from them.

“…So we are advising the public, those who are interested in applying for the business support scheme notto work with these people in the markets who come around acting as if they are staff of NBSSI. As NBSSI, we are not going around asking people to pay exorbitant prices or amounts to be registered or to get a loan neither are we promising anyone that if they register they will get a loan” she stated.

Over 14,000 businesses apply for GHS1bn stimulus package for SMEs – NBSSI

The National Board for Small Scale Industries (NBSSI) says over fourteen thousand business owners have already applied for the one billion stimulus package.

According to NBBSI, majority of the applicants are within the agribusiness and education sectors.

This follows President Akufo-Addo’s launch of the GHC1 billion Coronavirus Alleviation Programme Business Support Scheme on Tuesday 19th May, 2020.

Akufo-Addo announces GHS1bn stimulus package for businesses

As part of measures to mitigate the economic impact of the pandemic in Ghana to sustain businesses, President Akufo-Addo in March announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis.

The initial amount for the the SMEs was pegged at GHS600 million, but has been increased to GHS1 billion following a commitment by some participating financial institutions.