Be truthful when applying for loans - MASLOC applicants urged

Individuals and groups who have planned to secure loans from the Microfinance and Small Loans Centre (MASLOC) have been advised to be truthful and declare their business status to the loan officers.

The Greater Accra Regional Director of MASLOC, Dennis Okyere Danso, who gave the advice, explained that false information could lead to the inability of MASLOC to grant the loan.

He gave the advice in an interview on Onua FM’s Yen Sempa hosted by Nana Okyere Awurukuo on Monday, November 16.

Mr. Okyere Danso explained that “they should be truthful with what they do. If you grow orange, don’t tell us you sell orange because that will not help”.

He noted that “it does not matter which political party you belong to. You only present your national ID card which does not show any political party or colours”.

“We believe in first come first served,” he stressed.

Disbursements

He revealed that MASLOC has since 2018 disbursed an amount of GH¢152.5 million to individuals and groups in the country.

“From 2018 to August 2020, GH¢152.5 million has been disbursed to people because the government wants people to be employed and to create more jobs.”

Mr. Danso noted that some forms of loans do not demand collateral because such monies are not huge while others demand that applicants bring collateral because of the money involved.

“Applicants below GH¢20, 000 do not attract any collateral but those above GH¢20, 000 attract collateral.”

He said “we take the collateral because it’s huge money and needs to be secured”.

He added that every Ghanaian is eligible to apply, including those who are beginning their businesses, explaining that MASLOC does not only support those who have been in the business for years but those who are starting their businesses are also supported.

“We give start-ups because some university graduates have brilliant ideas but they have no capital to begin. The way to help them is to give them capital.”

He explained that “the nation cannot support everybody. It cannot employ all, so such people must be given the support through MASLOC”.

Mr. Danso noted that “once the laws of Ghana permit such business, we shall support”.