Societe Generale Ghana has launched its new loan product for the country’s Micro, Small and Medium Enterprises (MSMEs) to boost and support their operations.
The product – tagged ‘Boafo Loan’ – is aimed at providing short to medium loan facilities to the tune of GH¢600,000 without collateral to turn their businesses around.
Speaking at the launch in Accra, General Manager for Retail Business at Societe Generale, Obed Hoyah, said the product is in recognition of the MSMEs sector’s importance to national development and sustainability.
“We at Societe Generale Ghana have set for ourselves the vision of remaining the preferred bank for individuals, institutions and businesses across the length and breadth of the country. SG Ghana is very much for you owners of micro, small and medium-sized enterprises.
“You are the bedrock of the Ghanaian economy, and your business efforts fuel the day-to-day lives of everyday Ghanaians,” he said.
He indicated that new product is also part of the bank’s effort to support MSMEs which have challenges in accessing capital.
“As in many parts of our continent, MSMEs continue to face challenges – particularly with access to capital. Locally, the prevailing economic conditions further impact sustainability of the sector; especially with rising inflation and depreciation of the Ghana cedi against major foreign currencies.
The timely introduction of this new SG Boafo Loan product is to help owners of MSMEs alleviate some of these challenges,”he said.
Evans Yeboah, Business Consultant at the Home of Business, said the bank is not only poised to support MSMEs but also provide advisory services and mitigate defaults.
“In addition to the Boafo Loan, the Home of Business comes in to support the business community with free advisory services for businesses that are yet ready to register their business; and for those that are growing but facing challenges.
“So, we’ve partnered with 19 institutions in order to deliver these across the business,”he said.
Among some of these institutions are included the Register-General for business registrations; GRA for tax compliance; PWC for accounting and booking service; Law firms for legal advisory services; Pith Hub for business development and proposals, and others,” he added.
Criteria for Boafo Loan
Mr. Hoyah noted that persons eligible to access the loan must have a bank account with the SG bank, adding that business should be run through the bank for a minimum period.
Persons with business relationships with other banks operating for a period of 6 months are also eligible to access the Boafo Loan.
