Stop Depending On Banks For Funding – Startup Businesses Told

A special Advisor to the Minister for Business Development, Ms. Afua Asaabea Asare has urged start-ups not to depend solely on banks to raise capital for their business.

She entreated them to seek for alternative funding for their business.

Ms. Asaabea Asare who made this known at the African SME Summit held in Accra yesterday said “We believe that it is difficult for startups to get funds from traditional banks, and so we are looking at how to help these micro businesses to access sector loans”, she stressed

According to her, the National Entrepreneurship and Innovation Plan (NEIP) under the Ministry of Business and Development, has been formed by government to enable startups grow their businesses and become successful.

“It is a policy initiative with primary objective of providing an integrated national support for start-ups and small businesses. NEIP primarily focuses on providing business development services; startup incubators and funding for young businesses to enable them grow and become successful”, she said.

Touching on tax, Ms. Asaabea Asare said government intends to widen the tax net to rake in more revenue.

“In an informal sector where only 1.2 million pay taxes will not help government in developing this country. All the beautiful things you see in other countries were done from taxes. We will do anything to get businesses pay their tax”, she stressed.

The summit is organized to enable global Small and Medium-sized Enterprises (SMEs) and local SMEs’ CEOs to integrate and interact with world class experts to foster knowledge acquisition, learning, partnerships and synergies to drive increased personal as well as organizational growth.

It seeks to combine between knowledge and experience by providing preeminent business opportunities to its members from across the globe all from under a single roof.

Source: Emmanuel Yeboah Britwum/ thePublisher