Thirty-four trader groups have received loans totaling GH1.7million from the Microfinance and Small Loans Centre (MASLOC) to help sustain their small business.
The disbursement, which took place in Kumasi’s Jubilee Park, benefited a total of 1,425 beneficiaries made up of 34 groups, each with 25 members.
Speaking at the occasion, MASLOC’s CEO Abibata Zakariah, promised the gathering that she would keep up the region’s tradition of empowering women while also noting the current state of the economy and changing the repayment period from six to twelve months at a rate of 12 percent annually to help the beneficiaries repay their loans effectively.
Further encouraging the beneficiaries in the area, Madam Zakariah said that if they are able to complete their scheduled repayment as required, she will also take into consideration increasing each beneficiary’s amount from ₵2000 this year to ₵5000.
The Ashanti Regional Manager at MASLOC, Zeinab Sallaw also added that the decision to boost disbursement this year was motivated by former beneficiaries’ ability to repay the loans that were granted to them in the past.
According to MASLOC’s regional Manager, who was impressed with the traders in the region entreated all beneficiaries to be committed to repaying these loans.
She explained that, the disbursed amounts have been reviewed from ₵1000 to ₵2000 this year to further help impact and improve their businesses.
In attendance was Bernard Antwi Boasiako, NPP Ashanti regional chairman, Nana Ama Ampomah NPP Ashanti regional women organizer along with other government functionaries in the region.
MASLOC has provided Microcredit and Small Loans to start-ups and small businesses with fast, easy and accessibility Microcredit and Small loans to grow and expand their businesses.
With over 182, 328 clients nationwide, MASLOC, which has offices in all the 16 regions and can be accessible in all the 228 districts, disbursed a total of over GH₵228million loans, as its key achievements.