Micro-Enterprise Loans

Posted on: 23 October 2022

Micro-Enterprise Loans

These are loan facilities for individual customers, small and medium enterprises engaged in Agriculture and Forest products, Agro-Processing, Primary Fabrication and Metal Works, Traditional Crafts and Service Enterprises.

1.            Applicants are to operate active account with the Bank for at least three (3) months and undergo mandatory credit education and training to be eligible.

2.            Repayment of loans shall be on monthly installment basis.

3.            Duration of loans shall not be more than 12 months. However, long-term loans may be considered at the discretion of the Board.    

4.            Loans shall attract a commitment fee of 6% subject to review.

5.            Applicants shall be required to contribute at least 20-33.3% of amount required as lien. 

6.            All loan applications shall be properly evaluated by the Credit Department on the basis of information gathered through Credit investigation.

7.            At least one/two salaried workers who collect his/her monthly salary through the Bank or two (2) customers of the Bank shall stand as guarantors.

8.            Loans appraised and evaluated by Credit Department shall be endorsed by the Chief Executive Officer and forwarded to the Loans Committee for approval subject to Bank of Ghana’s ratification where applicable.

9.      Loans shall be disbursed to applicants within 21 days upon approval provided loans are ratified where applicable.