Stanbic Bank, in collaboration with Metropolitan Insurance has written off the almost GHC100,000 debt of 14 Kantamanto traders who lost their wares in the recent fire. The 14 had taken loans of between GHC10,000 and GHC25,000 under the bank’s SME Quick Loan scheme, which does not require any collateral but comes with insurance cover from Metropolitan Insurance. Chief Executive of Stanbic Bank, Alhassan Andani said apart from writing off the debt, the bank has also given each of the 14 GHC1,000 as a token to get by as they try to get their businesses back. He said under the SME Quick Loan scheme, the customer pays only about 0.5% of the loan as onetime insurance premium at the time of taking the loan, and gets cover against fire, water, permanent disability and death. "Even when you take the loan today and you suffer any of the risks covered the following day you still qualify to benefit," he said. Andani noted that currently there are 5,000 customers on the scheme and moneys given out in loans run into millions of Ghana cedis, adding that the bank is committed to seeing small business grow and contribute to national development. Head of Marketing and Public Relation, Mawuko Afadzinu told Adom Business “we are working on expanding the scheme to the point where customers who suffer such tragedies do not only have their debts cancelled, but we will advance another loan to them to get back on their feet,” he said. He said Stanbic believes that SMEs in Ghana could have better support to expand if they contacted Stanbic Bank. “Beyond loans we have several other support schemes for businesses in this country. For instance we are the only bank that gives foreign exchange in Chinese Yuan and South African Rand for people who need those currencies to do business in China and South Africa,” he said. Mr. Afadzinu said Stanbic holds the view that supporting individual businesses to succeed is the panacea to national development “so we will continue to provide such support at all levels as our contribution to national development.” Minister of Trade and Industry, Haruna Iddrisu, who was a special guest at the presentation urged traders to take advantage of loans such as the Stanbic Quick Loan which come with insurance cover, and also take advantate of other insurance schemes to protect their wares and their lives. He called on the members of the Ghana Union of Traders Association (GUTA) to join hands with government to rebuild the Kantamanto Market, and assured the traders that when the market is completed the original occupants would be given first opportunity to own stores in it. The Minister said many other such markets would be built across the country to make it easy for sellers to meet buyers. General Secretary of GUTA, Abdullah Shaban thanked Stanbic Bank for the kind gesture, and assured the minister of support from GUTA in its endeavors. Some of the beneficiaries expressed gratitude to the bank and pledged their commitment to doing continuous business with the bank.