September 22, 2020
Clickongh

Over 500 dressmakers supported with GHS1 billion stimulus package

Over 500 members of the Ghana National Tailors and Dressmakers Association have received loans from the government’s GHS 1 billion Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS) managed by the National Board for Small Scale Industries (NBSSI).

The CAP Business Support Scheme which was launched in May 2020 was part of the government’s economic relief package scheme for Micro, Small and Medium Enterprises (MSMEs) across the country affected by the pandemic.

CAP BuSS offers two main products – the ‘Adom’ micro soft loans and ‘Anidasuo’ soft loans, as well as a technical support component for MSMEs.

“Our members numbering over 500 have duly received the Adom loans. Thus, on behalf of my Association, I wish to thank the President through NBSSI for providing this timely relief to sustain our businesses,” said the President of the Ghana National Tailors and Dressmakers Association, Joana Eshun.

She, however, appealed to NBSSI to extend the support to more of its members.

According to the NBSSI, GHS135 million has so far been distributed to beneficiaries, with the loan value ranging from GHS500 to GHS10,000 per beneficiary.

The beneficiaries comprise 72 percent female and 27 percent males from all regions of the country.

The business sectors that have so far received loans include commerce and trade, dressmakers and tailors, agri and agro-processing, manufacturing, food and beverages, textile and garments, transportation and tourism, and hospitality.

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }

The GHS1 billion stimulus package comprises GHS 600 million in soft loans, and the remainder as matching funds from the participating financial institutions.

At the recent mid-year Budget Review presented by the Minister of Finance, Ken Ofori-Atta, Government of Ghana announced an additional GHS150 Million with a one year-moratorium and two-year repayment period to support in relieving Ghanaian MSMEs from the challenges brought on board by COVID-19 Pandemic.

Source: Business