The National Board for Small Scale Industries has announced a deadline for the registration of the Nkosuo Loan.
The loan facility, which was launched in September with an initial commitment of GHS 90 million from the MasterCard Foundation, will provide financial assistance in the form of grants and soft loans through banks, fintechs, mobile lenders, NGOs, and Business Development Services. The loan facility also targets MSMEs who have been negatively affected by COVID-19.
Registration commenced on the 17th of September, a day after the launch on the loan facility, giving applicants one month to complete the registration process. With just a week to the deadline, Executive Director for the NBSSI, Kosi Yankey-Ayeh, told Citi Business News the board is working to speed things up.
“Interested persons have been given a month from the time when we launched the program in September. Already we have over 60,000 applicants. I think as much as possible, for us and for the Government of Ghana, at the beginning of this, I think that we are working on speeding up a lot of the processes,” she said.
Madama Yankey-Ayeh added that even though there have been some challenges with some of its partners, the process has picked up smoothly.
“We’ve had a lot of challenges with some of the participating financial institutions we work with, and clearly, slowly some of them are coming up to really rise to the occasion to support the work that we’re doing, but as much as possible the President was very emphatic that timing was everything in the work we’re doing and we’ll keep that and will continue to work with that,” she explained.
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