The National Board for Small Scale Industries (NBSSI) says 102,361 applicants have benefited from the ¢1 billion stimulus package.

According to the Executive Director of the NBSSI Kosi Yankey-Ayeh, more applicants are yet to also benefit from the package.

The government in April this year announced it would roll out a ¢600 million stimulus packaged targeted at Small and Medium Scale Enterprises.  

The partner banks are supporting fund with additional ¢400 million, bringing the total amount targeted at small businesses to ¢1 billion.

The facility is being managed by the National Board for Small Scale Industries (NBSSI) and would have KPMG as its technical partner. 

According to NBSSI, beneficiaries of the facility would pay an interest of three per cent.

Speaking on JoyNews’ Upfront, the Executive Director stated that the funds were disbursed using two models; the Adom Loan Scheme and the Anidasuwuo loan scheme.

The Adom Loan Scheme went out to micro-segment businesses whereas the Anidasuwuo loan scheme went out to those needing more than ¢300,000 to sustain their businesses.

According to Kosi Yankey-Ayeh, this was done to help the Board roll out the funds quickly to applicants.

“So to be able to disburse quickly and to be able to get a grip of what has happened because we had a lot of applications coming in, we decided to put a system in place to be able to do these disbursements.

”So we started with the Adom applicants and also initiated the Anidasuwuo applicants which would also roll out quickly, and with the Adom based on the numbers and the requests we were able to roll out the 102,361 applicants,” she said.