MASLOC Supports businesses in Upper East

The Micro-Finance and Small Loans Center (MASLOC) has this year, disbursed a total amount of GH¢ 6,341,952.50 to business people in the Upper East Region, to enable them expand their businesses.

The beneficiaries of the loans include 6,510 females and 528 males.

Alhaji Ustarz Umar, the Regional Director of MASLOC, said this at Bawku when he disbursed monies to about 400 women, drawn from various associations, to support their businesses.

“These monies are mostly given to women, in line with government policy to empower women, by supporting them in their income generating activities”.

Alhaji Umar said MASLOC had also distributed eight buses and eight saloon cars to municipal and district assemblies across the Region.

“The aim of this government is to bring microfinance to the doorsteps of the less privileged through MASLOC, as a microfinance organization responsible for implementing government’s microfinance programmes, which are targeted at reducing poverty,” he noted.

Alhaji Umar said the mission of the organization was to help start-ups and SMEs expand their businesses through the provision of fast, easy and accessible microcredit and small loans, aimed at enhancing job and wealth creation throughout the country.

“In the Upper East Region, we have realized that small and medium-sized enterprises (SMEs) are the engine of growth in our economy. It employs approximately 80 per cent of our workforce and it is widely recognized as being a key driver of our economy,” Alhaji Umar stressed.

He said over the past three years, MASLOC had improved its services by reducing the interest on loans by 50 per cent and increasing the threshold amount in group loan by 100 per cent, from the maximum of GH¢ 500.00 to a maximum of GH¢ 1,000.00.

“The loans are given to members of business associations in the various markets, they have their leaders and are very organized, all they need to do is apply for the facility and after their application has been assessed the loans are given to them to support their businesses”.

The Regional Director, urged all to access the loans as MASLOC intends to grant not less than GH¢ 18,750.000.00 this year, “We have just received forty five tricycles waiting for onward distribution to qualified applicants, he added.

He urged the beneficiaries to make good use of the money as they were expected to pay back in six months and on time, so as to give others the opportunity to access the loans.

Source: Ghana News Agency