The Member of Parliament (MP) for Ablekuma West constituency, Mrs. Ursula Owusu-Ekuful, in partnership with Innovative Microfinance, has given loans to over 1,500 of her constituents.
The loans are expected to help the people to undertake new businesses or reinvest in their existing businesses, among others.
The loan scheme forms part of an initiative by the MP to help her constituents expand and establish their businesses through very flexible loan terms.
Speaking at the People’s Forum in the constituency on Sunday, 28 April 2019, the MP admonished the beneficiaries to pay back the loans to enable others to also benefit from the scheme.
“I will urge those who think the monies are mine to eschew such thoughts and pay back the loan facility to enable others to benefit, too. I wish I had such money to have given out for free. Instead of the company’s initial 5% interest on the loan, I have decided to absorb half, hence the interest will be 2.5% aimed at reducing the difficulty in repaying the loan”, she said to a resounding applause from the people.
The Minister of Communication expressed the hope that the number of recipients would increase in a short period, depending on how quickly the beneficiaries pay back the loans.
Officials from Innovative Microfinance Company took turns to educate the people on how to access the loans and assured them of a successful disbursement of the fourth batch.