GCB Financial institution PLC has launched a brand new mortgage product, the Micro Small Enterprises (MSE) Group Mortgage, aimed toward supporting small-scale entrepreneurs, notably market girls. This initiative permits teams of 5 to 10 people to entry loans at a aggressive 3% rate of interest.
Govt Head of Retail Banking, Sina Kamagate highlighted that teams making use of for the mortgage profit from a joint and a number of other undertakings, guaranteeing members assist one another’s repayments.
“We will provide as much as GHC200,000 per group, although this doesn’t imply an equal break up amongst members. The mortgage allocation relies on particular person capacities, with quantities ranging between GHC200 and GHC1,000,” he defined.
He additional famous that whereas the financial institution provides bigger monetary amenities of as much as GHC 500 million, the MSE Group Mortgage is particularly tailor-made to micro and small enterprise house owners.
He emphasised that the three% month-to-month rate of interest is without doubt one of the lowest obtainable, contemplating that small companies drive 83% of Ghana’s economic system.
To qualify, candidates solely want a Ghana Card to open an account, and each day e-collectors will assess credit score turnover to find out mortgage eligibility.
Nana Yaa Boadu, a cloth vendor from the Ashanti Area, expressed enthusiasm in regards to the mortgage, stating that its affordability is a reduction.
“There are numerous loans obtainable to us market girls, however this one is manageable, trying on the rate of interest given,” she stated.
Equally, Nana Ama Nyarko, a palm nut vendor from the Kumasi Central Market, applauded the financial institution’s resolution to open a department at Kejetia Market, making banking extra accessible.
“We don’t have time to depart our companies and stand in lengthy queues on the financial institution,” she famous.
She additionally urged fellow merchants to repay their loans promptly to maintain each their companies and the financial institution.
This initiative reinforces GCB Financial institution PLC’s dedication to empowering small companies and driving financial development in Ghana.
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