Business News of 2014-06-16

Union Savings and Loans launches SME clinic

Union Savings and Loans has officially launched a Small and Medium Enterprise (SME) clinic to educate individuals and business entities with the requisite skills and knowledge in handling their business and also offer business solutions aimed at advancing the growth of SME’s to help accelerate the country’s development.

Speaking at the launch, the Managing Director (MD) of Union Savings and Loans, Mr. Philip Oti- Mensah, said the clinic would provide resource persons who would break down complex business plans into the smallest unit for businessmen to understand.

According to him Union Savings seeks to provide a management capacity building programme which will provide holistic business solutions and capacity development for its clients.

”This is in line with Union’s business philosophy of successfully combining commercial objectives with a strong development agenda by focusing our financial intermediation efforts of segments of the market that lack the needed attention and expertise from the regular financial services sector,” Mr. Oti-Mensah said.

He further explained that the clinic will,”look at institutions with an asset size of up to GHC 2million…in terms of credit capacity; we are looking at a loan amount of up to GHC 2million. We recover all sectors, we know that the service sector contributes up to 50% of GDP, so that is the sector we are really focusing on. We don’t want to only build businesses which are already SME in definition, but also others that can become SMEs.”

The SME clinic would also track the development of business companies that take advantage of it. Small and medium enterprises and businesses with more than five to 200 employees will benefit from the Union Savings and Loans SME clinic.