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Business and Economics

MASLOC provides loans to 750 traders in Ajumako

Accra, Aug. 8, GNA – The Micro Finance and Small Loans Centre (MASLOC), has provided loan facilities to a total of 750 traders comprising 30 different groups at Ajumako in the Central Region.

Accra, Aug. 8, GNA – The Micro Finance and Small Loans Centre (MASLOC), has provided loan facilities to a total of 750 traders comprising 30 different groups at Ajumako in the Central Region.

The groups made up of 25 members each received a total of GH₵ 383,200 out of which members received from GH₵ 400 to GH₵ 600 depending on the vibrancy of their enterprises.

Madam Esther Agbeko, Head of Human Resource at MASLOC who presented the cheques to the beneficiaries explained that while some of the beneficiaries would use the facility to expand their businesses, others are using it as their start-up money.

Although the programme took place in Ajumako, other beneficiaries came from; Enyan, Nkojo, Nkonyako, Okyeso and Essiam, which forms the Ajumako-Enyan-Essiam District of the region.

MASLOC in fulfillment of its mandate among other things provides loans to small and medium enterprises with a paltry interest rate of two per cent to the vulnerable especially rural women in the society that are ready to venture into enterprising projects.

The beneficiaries normally have up to six months to pay back and give others the opportunity to benefit from the facility.

Madam Agbeko said in order to have a high recovery rate of the loan facility, MASLOC had over the years been engaged in providing basic financial literacy education to beneficiaries to use the funds judiciously in their trading activities.

She advised the groups that has an umbrella name of “Able Traders Association”, to be conscious of the usage of the money to enhance the growth and development of their enterprises.

Mr Ernest Arthur, Regional Manager of MASLOC told the beneficiaries that the loans are not gifts and urged them to develop measures that would make it profitable for them to repay.

Leaders of the 30 groups pledged to hold themselves accountable by ensuring that their loans are paid back at the stipulated time.

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