Thirty-four trader groups received group loans totaling GH¢1.7million from the Microfinance and Small Loans Centre (MASLOC) on Friday to help sustain their small businesses.
The disbursement, which took place at Kumasi’s Jubilee Park, benefited a total of 1,425 traders made up of 34 groups of 25 each.
Speaking at the occasion, Chief Executive Officer (CEO) of MASLOC Hajia Abibata Shanni Mahama Zakariah promised the gathering that she would keep up the Ashanti Region’s tradition of empowering women while also noting the current state of the economy and changing the repayment period from six to 12 months at a rate of 12 percent annually to help the beneficiaries repay their loans effectively.
Further encouraging the beneficiaries in the area, the MASLOC CEO said that if they are able to complete their scheduled repayment as required, they could benefit from amounts from GH¢2,000 this year to GH¢5,000.
Ashanti Region Manager of MASLOC Hajia 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, all beneficiaries must be committed to repaying these loans.
Hajia Zeinab explained that the disbursed amounts have been reviewed from a GH¢1,000 to GH¢2,000 this year to further help impact and improve their businesses.
In attendance was Bernard Antwi Boasiako, NPP Ashanti Region Chairman, Nana Ama Ampomah, NPP Ashanti Region 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 accessible 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₵228 million loans, as its key achievements, in its latest disbursement.