SMEs advised to present comprehensive business plans

Accra, Nov. 14, GNA - Nana Osei Bonsu, Chief Executive Officer of Venture Capital Trust Fund, on Wednesday advised Small and Medium Enterprises (SMEs) to engage qualified people to write their business plans to clearly identify their vision and aim to enable them access credit facilities easily. He said comprehensive business plan and tax clearance certificates were very important documents they considered when giving out credit facilities.

Nana Bonsu, who was speaking at the 518th monthly meeting of the Accra Regional Chamber of Commerce and Industry (ARCCI), said the fund, was established in 2004 by the government to provide investment capital to small and medium scale enterprises. He said the Parliamentary Act 680, which passed the law, also provided for the development and promotion of venture capital financing. He said government had endowed the venture with 22 million dollars and the fund also solicited about 27 million dollars from donors to be loaned out to SMEs and urged companies to take advantage of the fund to grow their businesses and create jobs for others as well. Nana Bonsu said the venture also provided credit and equity financing to eligible companies to support SMEs, which qualified for equity, quasi-equity and credit financing. "We also provide monies to support other activities and programmes for the development and promotion of venture capital financing in the country," he said.

He said the fund was available to all sectors of the economy but priority would be given to certain sectors from time to time in line with the government's economic growth policies and objectives. He said currently, the priority sectors as identified by the fund were the Pharmaceutical, ICT, Agriculture and Tourism and those sectors might benefit from about 55 per cent of the total funds available, while the remainder would be spread to cover other viable business opportunities.

Mr Douglas A Boateng, President of the Association and Chief Executive Officer of Continental Christian Traders, urged members to donate generously to enable the Association to honour its pledge to the flood victims in the three northern regions on time.