At a stakeholders’ sensitization program for the SME Growth and Opportunity (SME GO) program, Isaac Nimako, an official of the Ghana Enterprises Agency, presented key details about the initiative. Apexnewsgh reports
The agency, formerly known as the National Board for Small Scale Industries, has 224 Business Advisory Centers and 16 regional offices across Ghana, providing support for SMEs.
The SME GO program offers two funding options: a loan window with a maximum of 2 million Ghana cedis, repayable within two years at a 9% interest rate and a 1% processing fee, and a grant window with a maximum of 150,000 Ghana cedis. The grant component is needs-based and not everyone may qualify.
Eligible sectors for the program include primary production, group processing firms, construction firms, food and beverages, tourism and hospitality, healthcare, pharmacy, pharmaceutical firms, and ICT firms. To qualify, businesses must meet specific criteria, such as turnover and sector requirements.
Nimako emphasized that the Ghana Enterprises Agency is committed to supporting SMEs and encouraged stakeholders to take advantage of the program’s benefits.
Isaac Nimako, an official of the Ghana Enterprises Agency, continued to explain the SME Growth and Opportunity (SME GO) program’s application process. Before accessing loans or grants, applicants must undergo mandatory training in business and financial management, digitalization, marketing, and business preparation.
The application process involves:
- Online application, where applicants submit business information and receive a code to access the reporter.
- Screening, where the system scores applications based on criteria.
- Loan and Grant Committee review, where applications are selected for funding based on scores.
- Due diligence, where agency officers conduct site visits to verify business existence.
Nimako emphasized that limited resources may lead to not all applications being funded, but successful applications remain in the database for future consideration. The agency aims to support SMEs and contribute to Ghana’s economic growth.
The program’s focus on digitalization, marketing, and business preparation prepares SMEs to take advantage of opportunities like the African Continental Free Trade Area. By providing access to funding and training, the Ghana Enterprises Agency empowers SMEs to grow and thrive.
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.
