SG-Ghana launches loan product for MSMEs
Scociete Generale Ghana (SG-Ghana) has launched a short-term working capital loan package, known as “Boafo Loan Product”, to address the credit facility needs of micro small medium-sized enterprises (MSMEs).
Businesses could access up to GH¢600,000, with a repayment period of one year without the need to provide the typical collateral as is mostly required.
The product is under the tag line: “No Collateral, No Problem“.
The event, held at the bank’s Kumasi Central Branch at Adum, had in attendance key stakeholders, customers, and some staff of the bank.
At the unveiling ceremony, the Deputy Head of Retail Business of SG-Ghana, Ernest Sarpong, said the bank had observed that MSMEs continued to face challenges, particularly with access to capital, which prompted the bank to introduce the new package.
“Locally, the prevailing economic conditions further impact the sustainability of the sector, especially with rising inflation and the depreciation of the cedi against the major currencies,” he noted, adding that the product would help owners of MSMEs to mitigate some of those challenges.
He said MSMEs were the heart of the economy, and that the bank would continue to support their growth and development.
Mr Sarpong gave the assurance that SG-Ghana would not only support businesses with credit facilities, but would also provide specialised business products, as well as advisory services.
“It is in this vein that the bank has setup the SG Home of Business and the Innov8 Hub located at our Osu branch and the Head Office in Accra respectively to maximise its support for MSMEs and startups,” he emphasised.
He said all that customers needed to do to access the loan was to simply contact the bank and show proof that the loan would be used for business purposes only.
He said SG-Ghana was not only interested in its profits, but that its overall objective was to contribute to the growth and sustainability of the businesses of its customers.
“The bank prides itself in truly understanding the needs of its customers and creating products and services that help to solve the practical challenges they are faced with in their lives and businesses,” he noted.