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03.02.2009 Business & Finance

New Juaben Municipal Assembly supports small scale businesses

By gna

The New Juaben Municipal Assembly last year granted a total amount of ¢GH 282,500 to 5,650 small scale business entities as a financial support under the Poverty Alleviation Fund.

Mr Michael Offei, New Juaben Municipal Co-ordinating Director, told the GNA in Koforidua that, interest rate on the loan is two percent.

He said the repayment period was three months for artisans and about a year for farmers.

Mr Offei said small scale business entities who earlier received a loan of ¢GH50 per head failed to pay back and a notice of demand had been issued to them.

He said the loans were aimed at reducing poverty in the society.

Mr Offei said it was the aim of the Assembly to support the self-employed to help reduce unemployment.

Mr Felix Dua, Field Officer for Poverty Alleviation fund, said applicants for the loans were first interviewed to know their background, adding that it was based on information received from the applicants before the amount was disbursed.

He said the loan facility was divided into three zones- farming, manufacturing and artisans.

Source: GNA