Société Générale Ghana has launched a new loan product in Kumasi targeted at Micro, Small and Medium Enterprises (MSMEs).

The ‘SG Boafo Loan’ product is aimed at providing over GH¢600,000 medium-term loan facilities without collateral.

This product is expected to boost businesses.

The current economic challenges are threatening the sustainability of local enterprises.

A number of businesses are challenged in accessing capital from financial institutions.

Deputy Head of Retail Business at Société Générale Ghana, Ernest Sarpong, says the introduction of the ‘SG Boafo Loan’ product is timely to support business owners.

“This is a working capital loan product. We are availing loans up to GHC600,000. Customers will be given up to a year to pay in equal installments.

“As a bank, we have several loan products for our business customers. There is finance lease, overdraft, term loans, revolving credit facilities etc. Depending on the needs of our customer, we have a lot of loan products to serve them,” he explained.

The bank has assured of its readiness to support the growth of businesses in the Ashanti region.

This will include specialized products, credit facilities and advisory services.

“This working capital loan, there is no collateral requirement. All you have to do is to be an existing customer of SG Bank. If you are a new customer, once you open the account, you operate it for a while.

“You can also support your account operations with your former bank statements. This will help us understand your cash flows. We will get to know how your business has been run over the years,” he said.