Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Mahama Zakariah, has reassured young entrepreneurs that her organization is committed to offering micro-credit and small loans to start-ups and small enterprises in the country.

Madam Mahama Zakariah said this during an interaction with young entrepreneurs at this year’s edition of the Ekosiisen National dialogue series, held at the Accra Digital Centre on Friday.

In her introductory remarks, Hajia Abibata Shanni Mahama stated that despite limited funding due to the strong demand for financial aid, MASLOC was committed to helping start-ups and Small and Medium Enterprises (SMEs) in the nation expand their enterprises.

She pointed out key areas of focus for MASLOC, including support for the youth in entrepreneurship, women empowerment, Agro-based industry assistance, and support for the physically challenged.

“Many young entrepreneurs still find it difficult to get quick, simple and flexible financing to start or expand their businesses, however, with good business practices and viable business plans, the marginalized who cannot seek financial assistance from the mainstream financial institutions due to high commercial rates and more complex documentation, should reach out to the institution as it has been resourced to specifically assist the productive poor,” the CEO of MASLOC said.

She added that “small enterprises and startups can also benefit immensely from the capacity building and skill development packages which are conducted before loan disbursal by the institution. This will help provide them with the competencies to be properly positioned to use the funds advanced to them profitably.”

Madam Mahama Zakariah informed the young business

owners of MASLOC’s availability of financial loans for them to expand their enterprises, ranging from GH5,000 to GH200,000 per her approval limit and even GH200,000 to GH500,000 at the board level.

She disclosed that some of the various loans had a maximum tenure of 18 months, with a one-month moratorium and an annual interest rate of 12%.

According to Madam Mahama Zakariah, MASLOC was established to empower Ghanaians between the ages of 18 and 65 by supporting their start-ups and ongoing businesses without prejudice or discrimination. She emphasized her commitment to dispelling the myth that the organization only favours those who are politically exposed.

She urged young business owners, particularly those in the agribusiness industry working on animal house boundary, poultry, fish, and crop farming projects with gestation periods of up to 18 months, to reach out to the company and solicit support for their initiatives through its cash loans, capacity building and training programs as well as the hire-purchase scheme which enables the provision of items such as tricycles to enable them to transport their produce at fairly cheaper rates.

She also mentioned that the interest rate of six per cent per annum for agro-based loans was unbeatable, urging the youth to take advantage of the offer.

She cited the Hire PurchaseScheme offered by MASLOC, which offers business owners very affordable prices and payment plans for equipment like saloon cars, minibuses, tricycles, sewing machines, and hair dryers.

Dignitaries present at the event included the Deputy Finance Minister, Dr. John Kumah; the CEO of the National Youth Authority, Pius Enam Hadzide; the CEO of the NEIP, Mr. Kofi Ofosu Nkansah; the Deputy Minister of Trade and Industry, Michael Okyere Baafi; the CEO of the Accra Digital Centers Limited, Kwadwo Baah Agyemang; and the chairman for the occasion Mr. Daniel Mckorley, the Executive Chairman, McDan Group of Companies

The Ekosiisen Dialogue series is an initiative aimed at creating awareness of important national issues. This year’s dialogue series focused on entrepreneurship and its strategic importance to Ghana’s industrialization agenda.

Source: The Independent Ghana