We have disbursed over GH¢57m of the GH¢600m CAP Scheme to 64,000 MSMEs – NBSSI

The National Board for Small Scale Industries (NBSSI) has disclosed that it has so far disbursed over GH¢57 million Cedis out of government’s GH¢600 million Cedis set aside to cater for the Coronavirus Alleviation Program Business Support Scheme, intending to support Micro, Small and Medium Enterprises (MSMEs) affected by the outbreak of the COVID-19 pandemic.

According to the NBSSI, in all, over 64,000 businesses captured under the Adom Micro-Soft Loans for Micro Enterprises received the loans through the Vodafone Cash platform.

While speaking oo the development, the Executive Director of the NBSSI, Mis Kosi Yankey-Ayeh, said:

“These ones fall under the Adom Micro-soft loans. For the Adom Micro-soft loans, we had budgeted 28 per cent (of the GH¢ 600 million) that will fall under that. 57 million Cedis which is classified under the Adom small loans has gone into that sector.”

Based on the report so far, disbursements of the loan facility have covered all 16 regions, with the Ashanti Region leading the chart, followed by the Eastern Region. The Central Region takes the third spot whiles the fourth is the Greater Accra Region followed by the Western Region, and then Volta Region.

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The Board again said it will soon begin the disbursement of about 300 million to beneficiaries captured under the Anidasuo Soft Loan. This is expected to fall within the 2nd phase of the exercise.

“You know the entire government facility fund was 600 million, so more than GHs 300 million will go into the Anidasuo segment” she added.

How many businesses are likely to access this fund?

According to the Executive Director of the NBSSI, Mis Kosi Yankey-Ayeh earlier said that more than 200,000 businesses would be supported under the CAP Business Support Scheme for MSMEs.

The President, Nana Addo Dankwa Akufo-Addo, on April 5, 2020, announced the soft loan scheme of GH¢600 million for MSMEs to help sustain or cushion the country’s affected industries and also address the disruption in economic activities caused as a result of the COVID-19 pandemic.