MASLOC rescues 600 Kumasi traders

By Justice Dzido On Sep 28, 2022

ABOUT 600 TRADERS from 24 identifiable groups in the Kumasi Kejetia and Central Market have been given soft loans to help improve their businesses.

The Microfinance and Small Loans Center (MASLOC) gave each trader an amount of GHc 2,000.00 with just one percent interest to be paid in one-year period.

In total, MASLOC, which consider Small and Medium Enterprises (SMEs) as a pillar of Ghana’s Socio-economic growth, released Ghc1,200,000 cash loans to the traders.

The Chief Executive Officer (CEO) of MASLOC, Hajia Abibata Shanni Mahama Zakariah, presenting the monies in Kumasi, urged the beneficiaries to do well and repay back on the given time.

The government, she disclosed, has plans of given additional GHc 5,000.00 soft loans to other traders in Kumasi next year for them to improve their businesses.

She therefore appealed to the beneficiaries to pay back their given monies on time so the government could continue its resolve of supporting traders in the country.

The MASLOC CEO recounted the immense and laudable support that her outfit has given to small businesses in the country in the past, promising that MASLOC would do more.

George Sarpong, the Chairman of the Market Traders Association, assured that the beneficiaries would pay the loans back as directed and lauded MASLOC for its support.

MASLOC provides micro and small loans for start-ups and small businesses with fast, easy and accessible microcredit and small loans to grow and expand their businesses as well as to enhance job and wealth creation.

The facility is committed to growing and developing small and micro businesses through the provision of sustainable microfinance, small loans and business services to Ghanaian entrepreneurs.

To qualify for microcredit, commonly known as “group loans”, only applicants that have organized themselves into groups, associations or cooperatives are eligible.

Such groups should be between five and twenty-five members each. Such groups should preferably have a common production or operational interest.

To qualify for small loans, applicants may apply either as individuals, corporate entities, or groups, associations or cooperatives – requiring the facility for a joint or common purpose. Applicants with an ongoing economic activity/venture or project shall have an added advantage in securing a small loan from MASLOC.

The full range of eligibility criteria is available at any of our regional offices, or at the Head Office in Accra. In all cases however, applicants shall be of sound mind and between the ages of eighteen (18) and sixty-five (65) years.

To qualify for Vehicle Hire Purchase Scheme, applicants may apply either as individuals, corporate entities, or groups, associations or cooperatives – requiring the facility for a joint or common purpose. Applicants with an ongoing economic activity/venture or project shall have an added advantage in securing a small loan from MASLOC.