The Microfinance and Small Loans Centre (MASLOC) has disbursed group loans to some 17 groups in the Western Region.
The disbursement exercise, which took place on Wednesday, October 25 and Thursday, October 26, in Takoradi and Tarkwa respectively, saw a 100 beneficiaries in Takoradi and 227 beneficiaries in Tarkwa receive support for their businesses.
Speaking on the occasion, Chief Executive Officer (CEO) of MASLOC Hajia Abibata Shanni Mahama Zakariah expressed sympathy with the beneficiaries, many of whom were victims of the Takoradi makeshift market fire incident that razed down over 100 shops six months ago.
She noted that the incident has had a significant impact on the businesses and livelihoods of these market women thus necessitating the need for the disbursement of these group loans.
Madam Abibata Zakariah went on to say that due to the situation described above, she had to increase the number of beneficiaries from an initial 50 individuals to 100 in order to assist them revamp their businesses.
Beneficiaries who received amounts ranging from a GH¢1,000 to GH¢2,000 expressed their willingness to repay these loans in order to access an increased amount in future disbursements.
Engaging beneficiaries in Tarkwa, CEO of MASLOC stated that the market women are a very strategic component in driving the economy and there is always a need to support them with these loans to help boost their business.
Madam Zakariah also used the occasion to urge all beneficiaries to make a concerted effort to repay these loans which will contribute to the overall goal of sustaining MASLOC’s revolving funds.
In response to press inquiries, she emphasized that the institution’s loans are distributed to Ghanaians between the ages of 18 and 65 who qualify for micro loans to support their businesses.
MASLOC’s Regional Manager Malik Botwey said that they had taken steps to fully orient the market women on the terms of the loan and added his voice to the call for these beneficiaries to repay their loans in order to help them access higher amounts in the future.
Speaking to the beneficiaries in Tarkwa, Member of Parliament for Tarkwa Nsuaem Constituency and a Deputy Minister of Lands and Natural Resources, George Mireku Duker, expressed gratitude to MASLOC for disbursing these loans to beneficiaries in his constituency.
He also asserted that he would assist in sensitizing beneficiaries to repay these loans on time so that these disbursements could be extended to many more people in the future.
In addition, Mr. Duker informed the CEO of MASLOC that he has submitted an application for support through the institution’s hire purchase scheme items such as sewing machines, hair dryers, and saloon cars for the youth in his constituency who meet the eligibility requirements.
The disbursements in Takoradi and Tarkwa which form part of a series of upcoming disbursements was attended by Mr. Paul Sarbeng, Deputy CEO for Operations, Mr. Kwabena Asamoah, Deputy CEO for Finance and Administration, and Mr. Issah Iddrisu Amadu, Head of Credit at MASLOC.