Unibank earmarks GHC470 million for SMEs this year

Unibank Ghana Limited says it has set aside GHC470 million to support Small and Medium Scale business in the country this year alone.
Chief Executive Officer of Unibank, Mr. Amishadai Owusu Amoah told Adom News that in 2009 the bank gave out GHC110 million in loans to SMEs and last year they doubled the figure to GHC220 million but this year they have earmarked GHC470 for the sector.
This year’s amount represents more than 100 per cent increase over that of last year, and Mr. Owusu Amoah said “just like the churches sing and say ‘double, double’ this year we are giving ‘double, double’ loans to SMEs.”
He noted that SMEs complain of lack of loan facilities from the local banks, but Unibank have proved beyond measure that it is committed to helping small businesses in Ghana to grow into big businesses.
“Our primary mission is to support SMEs and we believe that by helping SMEs to expand our bank also expands,” he said.
Mr. Owusu Amoah assured the SMEs and prospective business people that Unibank continues to give loans at very competitive interest rates, with flexible repayment terms, adding that it also gives financial and business advice to assist customer grow their businesses.
He mentioned some of the businesses who benefit from the bank’s loans as people who trade between Ghana and China and Dubai, mobile phone and recharge cards dealers, players in the construction industry, and sachet and bottle water manufacturers.
“We will not relent on our commitment to the SME sector,” he assured.
Mr. Owusu Amoah urged young men and women who want to expand their businesses or need start-up capital between GHC5,000 and GHC10,000 to walk to Unibank and the bank will listen to them.