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GH¢600m COVID-19 stimulus package not meant for business expansion- NBSSI boss tells applicants

The Executive Director of the National Board for Small Scale Industries (NBSSI), Mrs. Kosi Yankey-Ayeh, says the disbursement of the GH¢600 million to Small and Medium Scale Enterprises is not meant for business expansion.

According to her, the GH¢600 million Coronavirus Alleviation Programme (CAP) stimulus package is meant to cushion businesses who have been negatively affected by the impact of the coronavirus disease (COVID-19) in the country.

“The emergency stimulus package is meant to sustain businesses, not for business expansion,” Mrs. Yankey-Ayeh told of Adom FM’s flagship political talk show, Burning Issues, hosted by Akua Boakyewaa Yiadom.

“The government’s stimulus package is aimed at supporting businesses negatively affected by the pandemic,” she said.

She said beneficiary sectors that are encouraged to access the CAP support include tourism and hospitality, healthcare and pharmaceutical, manufacturing, water and sanitation, education, textiles and garments, and commerce or trade among others negatively affected by the pandemic in the country.

The NBSSI Executive Director further cautioned applications that will benefit from the scheme to pay back the monies as the soft loans are not free of charge for businesses.

Mrs ankey-Ayeh added that the NBSSI will monitor closely the activities of successful SMEs that will benefit from the scheme.

She revealed that soft loans will be given out to the qualified and successful applicants through banks across the country.

The NBSSI boss said applications to access the COVID-19 stimulus package is free of charge and cautioned applicants not to pay any money to individuals who pretend to be middlemen.

Mrs. Yankey-Ayeh, therefore, urged business owners to exercise patient with the government as all qualified applicants will benefit from the scheme.

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