B/A Groups Gets 18mC From BAF

Sunyani, Aug. 12, - About 18 million cedis has been granted, under the business assistance fund (BAF), as loans to some individuals and groups in the Brong Ahafo region to start or expand their micro businesses as at May this year. Mr Ishmael Ibrahim, regional manager of the national board for small scale industries (NBSSI), disclosed this to newsmen in an interview at Sunyani yesterday. Among the beneficiaries, he said, are eight senior secondary schools which have been given 2.4 million cedis to undertake various projects under the junior achievement project. He also mentioned the Kwame Danso fish mongers association and the Techiman local soap manufacturers association which have been given two million and 2.5 million cedis respectively. Mr Ibrahim said to ensure wide and easy access to the fund, district committees have been established throughout the region to receive, study and recommend applications to the fund. Mr Ibrahim said in granting the loans, priority was given to those in the manufacturing and service sectors. Beneficiaries are required to repay the loans on a monthly basis at an interest rate of 15 per cent over a period of ten months after a two month grace period. Mr Ibrahim stated that to ensure the judicious use of the loan, beneficiaries are made to undergo a management training course run by the business advisory centre (BAC). He said preliminary returns on repayment schedules are encouraging and hoped they would continue to pay back on time to enable others to benefit.