THE NATIONAL Board for Small Scale Industries (NBSSI) has decided to end the disbursement of funds to Ghanaian owned Micro Small Medium Enterprises (MSME) under the Coronavirus Alleviation Programme Business Support Scheme (CAPBUSS) by January 31, 2021.
The disbursement exercise which began in June 2020 had as at November last year benefitted over 230,000 applicants out of some 800,000 MSMEs who applied for the intervention.
As at that time, about GH₵400 million of the GH₵750 million earmarked for the project had been disbursed to MSMEs in the country.
The NBSSI via its social media platforms has called on applicants to exercise patience as it worked assiduously to cater for qualified applicants before the deadline.
President Akufo-Addo launched CAPBUSS on May 16, 2020 as part of government’s strategy to revive an economy that was crippled by the Covid-19 pandemic which saw Ghana recording its first case in March last year.
Different kinds of financial relief were provided to applicants depending on the nature of their operations under the initiative.
The intervention also catered for private schools where GH₵50 million was disbursed to schools affected by the pandemic which warranted a lockdown leading to the closure of schools for almost 10 months.
The support generally has a three per cent interest rate with a one-year moratorium and a repayment period of two to three years.
NBSSI, an agency of the Ministry of Trade and Industry, which is responsible for implementing CAPBUSS has been the governmental body tasked with the promotion and development of the MSME sector which accounts for 90 per cent of businesses in the country and contributes to 70 per cent of Gross Domestic Product.