Stanbic offers SME loans without collateral

Small and Medium Enterprises (SMEs) with proper book-keeping could access up to GH¢50,000 from Stanbic Bank without collateral, Mr. Peter Atsu, Ho Branch Manager of the Bank has said.

“Business thrives on honesty and credibility,” Mr. Atsu said. He was addressing a business development workshop organised by the Association of Ghana Industries (AGI) for SMEs in the Volta Region in Ho. The workshop focused on “Alternative financing for SMEs in the Volta Region”.

Mr. Atsu said owners of SMEs must separate themselves from their businesses, which must have proper structures that should be allowed to work. He said many SMEs lack financial discipline because their owners have not separated themselves from their enterprises.

Mr. Atsu said such SMEs also lack succession plans, thus undermining their future viability on the exit of their owners. Mr Atsu said such bad business practices do not encourage banks to lend to them.

He said Stanbic Bank is ready to assist SMEs by looking at their books and offering advice to enable them become viable. Mr. Atsu told the SMEs in the region to be ready to take advantage of business opportunities likely to emerge from completion of the Eastern Corridor road.