Financial support beckons SMEs

Ninety-eight small and medium-scale enterprises (SMEs) in the Atwima-Mponua District are to receive credit support totalling GH¢248 million to expand their operations.

Each beneficiary is expected to receive between GH¢1,000 and GH¢15,000. They include those into palm oil production, carpenters, bakers, hairdressers, caterers, soap makers, welders, pepper and gari processors.

This comes at a time when SMEs are faced with serious challenges as far as access to credit from the banking sector is concerned.

The lack of funds for players in the sector has crippled many businesses and killed the entrepreneurial initiative.

The District Manager of the Business Advisory Centre (BAC), Mr Benjamin Kwasi Marfo, who announced this, said the loans were being provided by the Rural Enterprises Development Fund and would be disbursed through Sinapi Aba Savings and Loans Limited from next month.

Addressing a day’s seminar organised by the Association for Small-Scale Industries (ASSI) at Mpasatia near Nyinahin, he said repayment would be done between 12 and 18 months.

The seminar was meant to expose small business operators to best practices in order to grow and boost their returns.

The participants were sensitised to changing trends in business - product development, branding, marketing, packaging and exporting.

Additionally, they were taught how to write a business proposal, workplace safety, record keeping and developing business plans.

The programme formed part of ASSI’s efforts at creating market and opening other business opportunities for its members.

Focus on quality

Mr Marfo advised against the production of substandard products and urged them to focus on quality at all times.

The Ashanti Regional Manager of ASSI, Mr Kwame Buor, spoke of plans to engage its members on a regular basis, to educate them on contemporary business demands and challenges. — GNA