In its quest to help address some major challenges that hinder the growth of small and medium-scale enterprises, SMEs, in the country, in terms of access to capital, Societe General Ghana has launched a tailor-made package for these businesses.
The product known as the ‘Boafo Loan’ product is a short-term working capital loan package designed to see to the needs of MSMEs and will ensure the sustainability and growth of the businesses.
Businesses can access up to GHs 600,000.00 with a repayment period of one (1) year without the need to provide the typical collateral as mostly required.
Speaking during the launch of the product, General Manager for Retail Business at Societe General Ghana, Obed Hoyah said the new SME offering, will also ensure they mitigate the challenges brought about by the lingering COVID-19 pandemic.
“MSME’s continue to face challenges particularly with access to capital. Locally, the prevailing economic conditions further impact the sustainability of the sector especially with rising inflation and the depreciation of the Ghana cedi against the major currencies. The timely introduction of the new ‘SG Boafo Loan Product’ is to help owners of MSME mitigate some of these challenges,” he said.
He also noted that, “MSMEs are the heart of the economy, and the Bank will continue to support their growth and development. SG Ghana will not only support businesses with credit facilities but specialized business products and advisory services as well. To this end, the Bank has setup the SG Home of Business and the Innov8 Hub located at our Osu branch and Head Office respectfully to maximize its support for MSMEs and startups”.
The Deputy Head of Retail Business, Ernest Sarpong, noted that, “As a bank, we do not only want to be profitable, but contribute to the growth and sustainability of the businesses of our customers. We pride ourselves in truly understanding the needs of our customers and creating products and services that help solve the practical challenges they are confronted with in their lives and businesses.
The launch of this new product which goes with the slogan “no collateral, no problem is one such interventions. Simply come to us, show that you will use the funds for business purposes only and we will support you,” he said.
Business Consultant at the Home of Business, Evans Yeboah also said the bank will not only support MSMEs but also provide advisory services and mitigate defaults.
“In addition to the Boafo Loan, the Home of Business comes in to support the business community with free advisory services for businesses that are yet ready to register their business; and for those that are growing but facing challenges.
“So, we’ve partnered with 19 institutions in order to deliver these across the business,”he said.
Among some of these institutions are included the Register-General for business registrations; GRA for tax compliance; PWC for accounting and booking service; Law firms for legal advisory services; Pith Hub for business development and proposals, and others,” he added.