The Ghana Chamber of Young Entrepreneurs has revealed that about 70% of its members who applied for loans under the Coronavirus Alleviation Programme (CAP) business loan have had their applications approved and funds disbursed.
Speaking at the Head office of the chamber, CEO, Mr Sherif Ghali said out of 65 applications from the chamber, 48 have their loans approved and disbursed.
“We are grateful to the Government and NBSSI for this support. Very often, young entrepreneurs are seen as high-risk business cohorts but the NBSSI didn’t see it that way and they worked impartially to ensure young people got the funds,” he stated.
He further added that, in the coming weeks, the chamber and its partners will launch an initiative dubbed Young Entrepreneurs and Startup Support Fund (YESS Fund) to raise at least GH¢20 million to support Youth businesses that are affected by COVID-19.
According to him, the YESS Fund will cushion the government efforts in supporting SMEs by raising funds through crowdfunding and other avenues.
The GH¢1 billion Coronavirus Alleviation Programme (CAP) Business Support Scheme which was launched by President Nana Addo Dankwa Akufo- Addo on Tuesday, May 19, 2020, is a lifesaver not just for the beneficiaries but for the nation as a whole.
CAP Business offered ‘Adom’ microloans, the ‘Anidasuo’ soft loans, as well as a technical assistance support component for MSMEs.