MASLOC provides young people with financial support for start-ups
The Managing Director of the Microfinance and Small Loans Center (MASLOC), Hajia Abibata Shanni Mahama Zakariah
The Managing Director of the Microfinance and Small Loans Center (MASLOC), Hajia Abibata Shanni Mahama Zakariah, assured the young entrepreneurs of her team’s commitment to providing microloans and small loans to start-ups and small businesses in the country.
Madam Mahama Zakariah reiterated this commitment in her interactions with young entrepreneurs during this year’s edition of the Ekosiisen national dialogue series held at the Accra Digital Center on Friday.
Hajia Abibata Shanni Mahama, in her opening remarks, said that MASLOC was committed to helping small and medium-sized enterprises (SMEs) and start-ups to expand their businesses in the country despite limited resources due to the strong demand for financial assistance.
She outlined key areas of focus for MASLOC, including supporting youth in entrepreneurship, empowering women, helping the agribusiness industry, and supporting people with disabilities.
The CEO of MASLOC said that “many young entrepreneurs still find it difficult to obtain fast, simple and flexible financing to start or grow their business, however, with good business practices and viable business plans, the marginalized who cannot seek financial assistance from mainstream financial institutions due to high commercial rates and more complex paperwork, should approach the institution as it has been resourced to specifically assist the productive poor”.
She added that “Small businesses and startups can also benefit immensely from capacity building and skills development programs that are conducted before the loan is disbursed by the institution, this will help equip them with the necessary skills to be properly positioned to use funds advanced to them profitably.”
Madam Mahama Zakariah told young business owners that MASLOC offers cash loans from GH₵5,000 to GH₵200,000 according to its approval limit and even GH₵200,000 to GH₵500,000 at board level of directors to help them develop their businesses.
She revealed that some of the various loans had a maximum tenor of 18 months with a one-month moratorium and an annual interest rate of 12%.
Madam Mahama Zakariah added that MASLOC exists to empower Ghanaians between the ages of 18 and 65 by providing support to their existing businesses and start-ups without discrimination or bias, pointing out that she is committed to erasing misconceptions according to which the institution is only favorable to politically exposed persons.
She urged young business owners, especially those in the agribusiness industry working on poultry, poultry, fish and agricultural crop delineation projects with gestation periods of up to 18 months, to contact company and to seek support for their initiatives through its cash loans, capacity building and training programs as well as the hire-purchase system which enables the provision of items such as tricycles for allow them to transport their products at relatively cheaper rates.
She also mentioned that the interest rate of six percent a year for agricultural loans was unbeatable, urging young people to take advantage of the offer.
She mentioned that MASLOC has a hire-purchase program that provides items such as sedans, minibuses, tricycles, sewing machines and hair dryers at very affordable prices and payment schedules for contractors.
Among the dignitaries present at the event were the Deputy Minister of Finance, Dr. John Kumah; National Youth Authority CEO Pius Enam Hadzide; CEO of NEIP, Mr. Kofi Ofosu Nkansah; Deputy Minister of Commerce and Industry, Michael Okyere Baafi; the CEO of Accra Digital Centers Limited, Kwadwo Baah Agyemang; and the Chairman for the occasion Mr. Daniel McKorley, Executive Chairman, McDan Group of Companies.
The Ekosiisen Dialogue Series is an initiative to raise awareness of important national issues. This year’s series of dialogues focused on entrepreneurship and its strategic importance to Ghana’s industrialization agenda.