Business News of Tue, 7 Aug 201813
President funds 1350 entrepreneurs under NEIP Business Support Programme
President Nana Addo Dankwa Akufo-Addo is set to award 1,350 entrepreneurs with cash to start and expand their businesses under the National Entrepreneurship and Innovation plan (NEIP) Business Support Programme.
The grant, ranging between GHC10,000 to GHC100,000 will be given to young business men and women on August 7, 2018.
The NEIP Business Support Program is an initiative by the government under the Ministry of Business Development to support unemployed Ghanaian youth through training and funding.
Additionally, the aid is to assist them set up their businesses and boost existing ones.
The Presidential disbursement is the first of its kind in which a deliberate, systematic, as well as an integrated national policy has been instituted to support start-ups and small businesses.
The support, which is on loan basis, comes with an interest of 10 percent.
Payment is expected to be made within three years to enable beneficiaries to expand and create more businesses.
The NEIP Journey
The president launched the National Entrepreneurship and Innovation Plan-NEIP, a year ago to support and develop young businesses across the country.
NEIP after the launch, called for an online application where about 7,000 entrepreneurs applied to receive funding for their businesses.
The 7,000 applicants went through vigorous training at private incubation hubs across the country who also recommended applicants for funding.
1,350 out of the 7,000 were selected to receive funding ranging from GHS10,000 to GHS100,000 across the ten regions of Ghana.
The President will tomorrow 5:00pm at the banquet hall award the 1,350 entrepreneurs who where selected after their training.
The disbursement is expected to be in three phases; the Southern, Middle and Northern. The southern disbursement would be done by President Akufo-Addo, while the middle one would be done by the Asantehene Otumfuo Osei Tutu with the Northern disbursement to be done by the Vice President, Dr Mahamudu Bawumia.