E/R : 700 locals benefit from MASLOC cash

The Microfinance and Small Loans Center (MASLOC), has disbursed loans to over six hundred beneficiaries in Akwatia in the Denkyembour District of the Eastern region.

MASLOC is the body responsible for implementing government's microfinance programmes geared towards poverty alleviation 

The beneficiaries of the Micro-credit scheme were from various groups/Corporative societies with maximum memberships of twenty-five (25).

The beneficiaries are mainly petty traders, hairdressers, tailors, Seamstresses, farmers, chop bar operators, among others. Each beneficiary is expected to repay the loan with 1% monthly interest within twelve (12) months. It was the first time, the Center was disbursing loans directly to such a huge number of beneficiaries on the spot.

The mad rush for the loans by the beneficiaries nearly marred the programme as some attempted to stampede the process but was orderliness was restored swiftly by Police.

Speaking to Starr FM, the Eastern Regional Manager of MASLOC Afreda Aboagye said that each beneficiary received between Ghc800 to Ghc1000.

“We had over 700 beneficiaries getting an amount of Ghc800 to Gh1000 to help in their small businesses. Research has shown that over 80% of the Ghanaian economy rests on the SMEs. So MASLOC is helping grow the economy so we are helping these businesses to help grow the economy of Ghana”.

Alfreda Aboagye said President Akufo Addo directed for reduction of the interest rate on MASLOC loans from 2% to the current 1% to reflect its purpose of being poverty alleviation intervention.

READ ALSO: MASLOC chase loan defaulting MPs

While touting the 70% loan recovery rate in the Eastern Region, she however charged beneficiaries to pay loans contracted from the scheme since it is a revolving fund to help benefit others.

The Member of Parliament for Akwatia Mercy Ama Gyamfi, a hairdresser by profession underscored the importance of the loan to improve small scale Businesses in the area with overall benefit to the local economy and job creation.

“We thank President Akufo Addo and MASLOC for remembering petty traders, hairdressers, chop bar operators among others in this area. It will go a long way to help them expand their businesses.”

 Auntie Ama, a beneficiary said: “I am a seamstress I needed money to invest in my business but no bank was willing so this loan by MASLOC will help me especially at a time we are approaching Christmas.”

Credit:Starr FM