Small loans microfinance to expand and improve businesses

Nana Ato Arthur, Central Regional Minister yesterday urged beneficiaries of microfinance and small loans scheme to use them to expand and improve their businesses and not for their personal use.

He reminded the beneficiaries that they were not gifts or being disbursed on political basis, therefore they should be invested effectively and repaid promptly

Nana Arthur made the call at the Central Regional launch of Micro-finance and Small Scale Loans Scheme, by the Micro-finance and Small Loans Centre (MASLOC) in Cape Coast.

About 2,198 people including fishmongers, market women and farmers, were presented with documents to enable them obtain loans totalling GH¢1,000,000 at various banks in the Region to improve on their businesses. More than 3,000 people are expected to benefit from the scheme in the Region.

Mr Arthur appealed to the beneficiaries to endeavour to pay back the loans on time, to enable others benefit and urged the management of MASLOC to increase the number of beneficiaries, adding ´people in the Central Region are hard working but lacked financial assistance.´ He asked banks that would be disbursing the loans to accelerate the process to avoid delays.

Mr Lawrence Akwasi Prempeh, Chief Executive Officer of MASLOC, said the scheme was initiated by President John Agyekum Kufuor to assist small businesses in the country to grow.

Mr Prempeh appealed to the beneficiaries not to use the loans for political activities but for the purpose for which they were granted.

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