The National Board for Small Scale Industries, (NBSSI) has begun disbursement of loans, with the first 1,000 qualified applicants receiving their funds.
The beneficiaries, who are in the lower micro category, had their loans transferred to their mobile money wallets on Wednesday, June 24, after successfully going through the rating processes.
The initial disbursement, which is focused on applicants in the Lower micro, (Adom Loans) category comes with an interest rate of three percent, with a moratorium of one year and two year repayment periods.
At a media briefing, in Accra, on Wednesday to explain the processes of disbursement to the media, Mrs Kosi Yankey-Ayeh said the lower micro category constituted 5.4 percent of total value of funds requested by all applicants as at Wednesday June 24, 2020.
“We are working around the clock and in close collaboration with participating financial institutions to effect disbursement and so in the coming days increase the numbers per batch disbursement,” she said.
The initial disbursement comes five days after the NBSSI announced a six-day extension of the application deadline to allow businesses that were yet to complete their applications to do so.
The Executive Director said the grace period gave the CAS BUSS Team the opportunity to rectify all technical issues ranging from applicants with wrong credentials on the system to a mopping up of paper applications that were yet to be entered into the system.
“We now have a good picture and view of information on the application portal and can initiate disbursement,” she said.
She said during the extension period, which would end on June 26, 2020, the NBSSI had intensified collaboration with the GRA to facilitate TIN acquisition for applicants.
The Coronavirus Alleviation Programme Business Support Scheme was instituted by the Government to provide support to MSMEs who had been negatively impacted by the Coronavirus pandemic.
It was launched on May 19, 2020 by President Nana Akufo-Addo to ensure the MSMEs access the fund to sustain their businesses.