Small and medium enterprises in Mfantseman to get financial support
Biriwa (C/R), Oct. 30, GNA - Small and medium enterprises in the Mfantseman
Municipality and Abura Asebu Kwamankese District are to benefit from on-lending loan
facility being provided by the Support Programme for enterprise Empowerment and
development (SPEED), a German-based Organisation.
Through its Funding Facility Component, SEED has channelled the support through the
Mfantseman Community Bank at Biriwa.
SPEED facilitates development of financial market and business development services for
micro, small and medium enterprises.
Mr Martin Briggs, SPEED Funding Facility (SFF), Technical Director presented a cheque
for the support to Reverend George Ato Mills-Graves, Chairman of the Board of Directors
of Mfantseman Community Bank.
He said SPEED was a platform for the harmonisation and co-ordination of donor support
to create a favourable business environment for micro, small and medium- size enterprises.
Mr Briggs said last year SPEED Funding Facility made available GH¢7.6 million for
lending and explained that SFF does not disburse loans directly to the enterprises but through
micro finance institutions who do that at their own risk.
He said this year, SFF hope to increase the fund to GH¢9 million for on-lending to
enterprises in the 10 regions of the country.
Rev Mills-Graves expressed the bank's appreciation to the SFF and the supporting
agencies for the help they have offered to the enterprises.
He noted that the high rate of poverty in the country retarded the growth of businesses.
The Board Chairman appealed to other donor agents to support financial institutions,
especially Rural and Community Banks to increase their support for enterprises and
businesses.
Mr Peter Mensah, Manager of the Bank expressed disappointment about loan recovery
rate in the area, and appealed to those who would benefit from the facility to pay back the
loan on time.
He urged the beneficiary business entities to bear in mind that the support was a loan
facility, which must be paid back and expressed the hope that they would not disgrace the
bank and place it in an awkward situation.
SPEED is a collaborative venture with the German Agency for Technical Co-operation
and the Danish International Development Agency.
GNA