The Ghana Chamber of Young Entrepreneurs has indicated that about 70% of their members who applied for the CAP BuSS loan have had their applications approved and funds disbursed.
Speaking at the Head office of the chamber, the CEO, Mr. Sherif Ghali indicated that out of 65 applications from the chamber, 48 got their loans approved and disbursed.
“We are grateful to the Government and NBSSI for this support. Very often, young entrepreneurs are seen as a high-risk business cohort but the NBSSI didn’t see it that way and they worked impartially to ensure young people got the funds,” he asserted.
He further added that, in the coming weeks, the chamber and its partners will launch an initiative dubbed Young Entrepreneurs and Startup Support Fund (YESS Fund) to raise at least GHS 20million to support Youth businesses that are affected by COVID-19.
According to him, The YESS Fund will cushion the government efforts in supporting SMEs by raising funds through crowdfunding and other avenues.
The GHS 1 billion Coronavirus Alleviation Programme (CAP) Business Support Scheme which was launched by His Excellency, President Nana Addo Dankwa Akufo- Addo on Tuesday, 19th May 2020, is a lifesaver not just for the beneficiaries but for the nation as a whole.
CAP BuSS offered ‘Adom’ microloans, the ‘Anidasuo’ soft loans, as well as a technical assistance support component for MSMEs.