Executive Director of the National Board for Small Scale Industries (NBSSI), Patricia Kosi Yankey, has revealed over 8000 applications for the stimulus package are being processed daily. 

Addressing over 150 business owners on a virtual Webinar hosted by the Ghana Chamber of Commerce, the Executive Director outlined some conditions for accessing the loan.

“The application process is a rigorous one. Applying for the loan does not mean you will get it. You must be in good standing as an SME – being registered, having a TIN and so on,” she stated.

The Ghana Chamber of Commerce and Industry opened SMEs to various business opportunities through its second webinar connecting over 150 business owners to the National Board of Small-Scale Industries (NBSSI) over the GH¢1 billion stimulus package for SMEs. 

Speaking at the Webinar, President of the Chamber of Commerce, Dr Nana Appiagyei Dankawoso 1 hinted that plans are far advanced for government to tap into the GH¢3 billion syndication loan for the rescue of large-scale industries – calling on the government to prioritize on increasing capital for industries to remain sustainable on exports rather than imports.

“Government must also focus on developing an industry-specific stimulus package to complement the efforts of businesses in their bid to survive and grow. This will ultimately achieve impact, resilience, and sustainability of the entire industrial value chain, given the disruptions caused by COVID-19.

“Government launched the GHS600 million stimulus package for SMEs and I am also aware that plans have been made to activate the GHS3 billion syndicated loan for the large enterprises which is very welcoming.”

Meanwhile, The National Board for Small Scale Industries (NBSSI) has warned the public against fraudsters parading as Business Advisory Service staff.

According to the Board, some unscrupulous persons are duping unsuspecting business owners by collecting money from them under the guise of registering to access the government’s ¢600 million stimulus package.

The caution comes on the back of reports that some applicants are being charged between ¢200 and ¢250 to access the one billion loan announced by the government to mitigate the plight of business owners whose operations have been affected by the pandemic.

Out of the ¢1.2 billion earmarked for this Programme, GH¢600 million will be disbursed as soft loans to Micro Small Medium Scale Enterprises, with a one-year moratorium and a two-year repayment plan.