Generally, loans have become a good option to consider whether you share the belief in loans. They have helped many businesses out of chaotic situations because of the cash flow that loans provide. However, the same is the case for individuals. Emergency loans, personal loans, travel loans and other forms of loans have, to a very great extent, pulled people out of financial problems. NBSSI offers loans to businesses.
As you read along, you’ll know more about the NBSSI loans, their requirements, and so on.
About NBSSI loans
It was through an Act of the Parliament of the Third Republic of Ghana (Act 434 of 1981) they established the National Board for Small-Scale Industries (NBSSI). After that they started operating in 1985. They are a non-profit public sector organisation that is under the Ministry of Trade, Industry and Presidential Special Initiatives.
The Government believed in the sector’s potential to contribute immensely in reducing the high unemployment rate in Ghana. Besides that, they have to develop the human resource and the structures. And also to give MSEs the access to high-quality business development services which promote their growth and competitiveness.
NBSSI has three core services they provide. They are; facilitating access to finance, providing business support services and facilitating technical skills development.
How much did they commit to the NBSSI funds?
Having known about NBSSI Ghana, you would also want to know how much they commit to it. The NBSSI loan program has an initial commitment of approximately GH¢90 million. This comes from Mastercard Foundation and NBSSI. So, this is in line with the government’s support for Ghanaian MSMEs. Besides that, the program will receive additional investment from other donors and institutions.
What are the requirements for NBSSI loans?
- Proof of business operations
- Provide your Tax Identification Number
- Detail of your products and services
- Show that COVID-19 had affected your business
- Describe your business such as; personnel, customer, suppliers, etc.
- Get your business financial details, which include profit-and-loss extract, sales and cash flow statement. You do not need an account to audit or prepare these documents for you.
Other requirements are:
- The business or enterprise must be a micro, small or medium enterprise.
- They also support youth-owned or youth-led businesses people within the age range of 18-35 years.
- Informal enterprises.
- They offer opportunities to female-owned businesses. And encourage them to apply.
- The enterprise should be willing and committed to continue maintaining the operation of their business. Especially through the accessing of a loan, which could either be with or without the grant. And also cannot avail the required loan collateral.
How can I apply for NBSSI loans?
In order to get the NBSSI loan, you must apply for it through the following steps:
- Visit the NBSSI loan portal (https://ghrecoveryprogram.com) and kick-start your application
- Thereafter, select the ‘Apply’ button on the page
- Or you could just visit https://ghrecoveryprogram.com/apply
- Then fill the NBSSI loan application form
- After filling the form, they will show you a review page
- Then review the details you filled and submit.
What is the interest rate for NBSSI loans?
Are there any additional fees on NBSSI loans?
Additional fees on loans help individuals or businesses know the actual amount of loan they’re in for. Besides that, the knowledge of the additional fees helps them know whether to go on and get the loan.
With the NBSSI loan program, they will require a one time processing fee of 2.5 percent of the loan amount. They will deduct this from the loan amount through the bank.
How fast can I get the NBSSI loans?
While getting any form of loan, it’s essential to know when to expect it. This will help you make adequate financial decisions. After applying for the NBSSI loan online, they will review your application. And if you meet all the requirements, they will send you the loan in 2 weeks into your account.
What are the sectors that can benefit from the NBSSI loans?
Not every sector can benefit from NBSSI funds. Their board provided a list of the sectors that are more likely to benefit from the NBSSI.
The following are the sectors that can benefit from the NBSSI funds:
- Tourism and Hospitality
- Food and Beverages
- Water and Sanitation
- Commerce and Trade
- Healthcare and Pharmaceuticals
- Garments and PPE
- Agri and Agro-Businesses
What are the services of NBSSI Ghana?
They offer the following services:
- Business Development
They provide resources to ease your transition from a startup to a thriving business.
With the NBSSI low-cost funding, they support your business, especially at this time of a global pandemic. Consequently, causing economic challenges around the world. Because of this, many small businesses are still trying to survive the economic strains the pandemic caused.
They use the Kaizen tool to assess the status of an enterprise. Besides that, also use it to identify gaps and opportunities. Thereafter, they develop effective activities to ensure the optimum operation of an enterprise. Because of this technique, there have been successes of micro, small and medium enterprises. They do so by eliminating waste, reducing lead time, ensuring best quality with lower cost and implementing the best standards.
What are the NBSSI contact details?
For more enquiries, you can contact NBSSI through:
- Address: Post Office Box MB85, Accra
- Telephone number: +233 (0) 302 747 777
- Email addresses: email@example.com firstname.lastname@example.org
Some companies are yet to recover from the havoc the dreaded COVID-19 has caused them. Therefore, the governments of many countries established fund programs to help startup-businesses. Also, after the pandemic, things haven’t gotten back to normal economically. Many people lost their jobs, companies closed off while others resorted to working from home. Because of this, there have been programs to help sustain and bring businesses back to normalcy. However, some businesses get business loans to keep delivering services to their customers.