The Microfinance and Small Loan Centre (MASLOC) has disbursed loans to some beneficiaries in the Bolgatanga Municipality in the Upper East Region.
This is in line with its mandate, to support small businesses to grow.
A total of 270 women out a large number that applied for loans, received their monies at the first round of disbursement, which took place at the Bolgatanga Municipal Assembly building on Friday, January 11.
Other women are expected to benefit in subsequent disbursement rounds.
All beneficiaries belongs to groups, with a membership of not more than 25 women. Prior to the disbursement, officials MASLOC had met with the beneficiary groups to give members tips on loan management. MASLOC had also agreed with the groups on payment terms.
Beneficiaries are mainly engaged in various informal income generating activities, including petty trading, food processing, oil extracting and Shea butter processing. Others are going into business for the first time.
Regional Director of the Microfinance and Small Loans Centre, Alhaji Ustaz Umar said similar number of women across all districts and Municipalities in the region, will be covered in the first round of disbursement. Then others will follow in subsequent disbursements.
According to the Regional Director, recovery of the loans is highly assured considering the arrangements that MASLOC has with the groups, where group leaders have been trained and empowered to collect the monies from their members.
“MASLOC is looking forward to disburse loans to over 5000 women in each of the 16 Constituencies in the Upper East Region, by the end of three years. This achievement is possible if we get all beneficiaries paying back their loans on time. Those who pay promptly even get the opportunity to take another loan.” Alhaji Ustaz Umar announced.
He said, it is the hope of MASLOC that, by the time it is able to achieve its three year projection, many women would have been empowered and will be seriously engaged in small and medium scale businesses and creating job opportunities for others and are also able support their families.
Credit Manager in charge of Operations at the MASLOC regional office, Aminu Abukari, said his outfit has put in place measures to ensure a significant number of recoveries when the time comes for beneficiaries to pay back their loans.
“The repayment procedure is very flexible; they will pay to their group leaders every 30 days and we collect from the group leaders. It is easy and very sustainable.” Aminu Abukari explained.
Source: a1radioonline.com | 101.1MHz | Ghana
