The National Board for Small Scale Industries (NBSSI), has explained that it is not automatic for businesses to receive the amounts they apply for from government’s GHS 1billion stimulus package allocated to Micro, Small and Medium Scale Enterprises (SME) affected by the novel Coronavirus pandemic.
The agency says every request will be subjected to strict proof to determine whether the applicant qualifies, and how much they can receive.
The NBSSI says over fourteen thousand business owners have already applied for the package, and that majority of the applicants are within the agribusiness and education sectors.
Speaking to Citi Business News, Ashanti Regional Manager of NBSSI, Manu Bashir, said they will ensure that due processes are followed
“This money is in there and everybody is more or less struggling to have a piece of it so naturally it is like first come first served. We are also into business development and for that matter, we know that business people do not at all times make the right request for the amount they really need. When you submit your particulars, we are experts in the field so when we do our analysis and we see that for instance, you requested for ten thousand Ghana Cedis but when we look at your sales turnover and other things, we can reduce the amount.”
“So, don’t be expecting to get the amount you requested for because it may happen during the checks that after all you do not really qualify for the amount you have applied for because your other particulars may not support that,” he said.
The GHC1 billion stimulus package is intended to cushion Micro, Small and Medium Scale Enterprises affected by the outbreak of COVID-19.
The soft loan scheme will have a one-year moratorium and two years repayment period for micro, small and medium scale businesses.