The Deputy Minister of Information Pius Enam Hadzide has announced in the minister’s briefing on Tuesday, 19th May, 2020 that President Nana Addo Dankwa Akufo-Addo will be launching the much promised Gh¢600 million credit scheme to support small and medium scale enterprises.
In president Akufo Addo’s fifth address to the nation on the outbreak of the deadly Coronavirus, he made mention of plans by his government to make sure that micro, small and medium scale enterprises are in a way cushioned from the hard effect of the outbreak on their operations to ensure their survival in the period of the outbreak and after due to the low patronage of their good and services.
In delivering on the promise made, the president in collaboration with the National Board for Small Scale Industries (NBSSI) and cabinet launched the Coronavirus Alleviation Programme (CAP) Business Support Scheme under which an amount of some GHC600M is to be disbursed through some selected commercial and Rural Banks as soft loan to businesses that will apply and meet the conditions of the scheme.
According to the deputy minister who coordinated the launch of the program at the seat of the presidency (Jubilee House), the loans when given will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses.
“Earlier today, I moderated the Presidential launch of the Corona Virus Alleviation Programe (CAP) Business Support Scheme. In his fifth televised address to the Nation, His Excellency President Akufo-Addo announced;
“Government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, will roll out a soft loan scheme up to a total of Six Hundred Million Cedis (GH¢600 million), which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses.
True to his word, The President launched the scheme today and applications for the loan opens from tomorrow Wednesday May 20, 2020.” He disclosed.