In a bid to support the growth and development of Small and Medium Enterprises (SMEs) in Ghana, the Ghana EXIM Bank has unveiled its SME Growth and Opportunity (SME GO) program. At a stakeholders’ sensitization program, Abdul-Hakim Yakubu, an official of the bank, highlighted the program’s benefits and eligibility criteria. Apexnewsgh reports
The bank is committed to providing SMEs with the necessary support to thrive in the market. Through the SME GO program, SMEs can access exhibitions, a “Made in Ghana” town, and international trade show opportunities to increase their visibility and access to markets.
In addition to these opportunities, the bank offers short and long-term facilities, including loans and advisory services, training, and consultancy. Eligible SMEs can access loans ranging from 300,000 to 20 million Ghana cedis for capital expenses and working capital.
To qualify for the program, SMEs must meet certain criteria, including employing between six to 100 persons or having a turnover of 180,000 to 20 million Ghana cedis annually. The bank offers a tenor of six years for capital expenses and three years for working capital, with an interest rate of 10% and a facility fee of 1%.
The bank’s focus areas include agro-processing, export-oriented light manufacturing, and import substitution. To pre-qualify, SMEs must have a registered business, operational experience, annual turnover, tax compliance, and audited financial statements.
Applicants must submit a business plan, registration documents, audited accounts, and other supporting documents. The bank also requires collateral, including fixed and floating assets, assignment of stock, contract proceeds, joint and several guarantees, and cash collateral. However, the bank offers flexible collateral options to make the program more accessible to SMEs.
With the SME GO program, the Ghana EXIM Bank is poised to empower SMEs to grow and contribute to Ghana’s economic development.
Source: Apexnewsgh.com
Thanks for reading from Apexnewsgh as a news publishing website from Ghana. We encourage you to freely share this story via social media platform and follow us on; Facebook on APEXNEWSGH-Tv or Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 0248250270/0256336062.
