Societe Generale Ghana has launched a new loan product to provide short-term working capital for micro small and medium enterprises (MSME).
Known as the ‘Boafo Loan’, the new product allows MSMEs to access up to GH¢600,000, with a repayment period of one year without the need to provide the typical collateral as mostly required.
Speaking at the launch of the product, the General Manager for Retail Business, Obed Hoyah, said MSME’s continued to face challenges, particularly with access to capital.
He said locally, the prevailing economic conditions had further impacted the sustainability of the sector, especially with rising inflation and the depreciation of the Ghana cedi against the major currencies.
“The timely introduction of the new ‘SG Boafo Loan Product’ is to help owners of MSME mitigate some of these challenges”.
“MSMEs are the heart of the economy, and the bank will continue to support their growth and development,” he stated.
He said the bank would not only support businesses with credit facilities but specialised business products and advisory services as well.
To this end, he said the bank had set up the SG Home of Business and the Innov8 Hub located at its Osu branch and Head Office, respectfully, to maximise its support for MSMEs and startups.
Contributing to growth
Also speaking at the event, the Deputy Head of Retail Business, Ernest Sarpong, said “as a bank, we do not only want to be profitable, but contribute to the growth and sustainability of the businesses of our customers.
“We pride ourselves on truly understanding the needs of our customers and creating products and services that help solve the practical challenges they are confronted with in their lives and businesses.
“The launch of this new product which goes with the slogan “no collateral, no problem is one such interventions. Simply come to us, show that you will use the funds for business purposes only and we will support you,” he stated.