70 businesses compete for funding

Seventy Ghanaian entrepreneurs and business organizations are participating in a contest to access funds from foreign-based financial institutions and agencies for their business proposals.

The 'Business Plan Contest 2006,'seeks to make available grants and loans at five per cent interest rate to finance business proposals from existing or proposed local enterprises.

The United Nations Association (UNA), Ghana, in collaboration with Industrial Management Engineering Company (IMEC) and the Ministry of Trade and Industry, is organizing the contest.

Briefing journalists on Tuesday at the opening of a day's workshop on proposal writing and development for the selected applicants in Accra, Mr Frederick Adomako-Ansah, Representative, UNA, Ghana, said up to 25,000 dollars would be provided for eligible business proposals from individuals such as petty traders, farmers and students. He said proposals from small and medium-scale enterprises would be funded to the tune of 500,000 dollars, while Industrial Associations and Limited Liability companies would be given more than half a million dollars for their proposals.

Mr Adomako-Ansah said the workshop was to enable the applicants to restructure their proposals to meet the requirements of the funding agencies.

He said applications to join the contest were still being received from individuals and organizations, adding that funds for eligible proposals would be released in July 2006.

He said funding for profit-making ventures would be provided as loans payable after 10 years while funding for proposals to execute community-based projects would be provided as grants. Mr Adomako-Ansah said the best 20 proposals would be presented with special awards.