On Thursday, May 19th 2020, H.E Nana Addo Dankwa Akufo-Addo launched the Coronavirus Alleviation Programme (CAP) Fund worth six hundred million cedis. The president noted that the proper utilization of the funds by beneficiaries will help the economy bounce back.
Here are the basic facts about the fund:
- The fund is meant to support micro, small and medium scale (MSME) enterprises.
- The fund is to limit the negative effects of Covid-19 on micro, small and medium scale (MSME) enterprises.
- The government plans to distribute a total of one billion cedis to these businesses across the country
- Businesses in the field of healthcare and pharmaceuticals, Water and Sanitation including the production of PPE’s, Tourism and hospitality, education, manufacturing, agriculture, commerce, textiles and garments can apply to the fund for support
- The disbursement of funds will be under the supervision of the National Board for Small-Scale Industries (NBSSI) through selected banks.
- Applications are expected between 20th May and 20th June 2020.
- The fund is not FREE. Beneficiaries are expected to pay back within two to three years.
According to the National Board for Small-Scale Industries (NBSSI) there are four steps involved in the application process;
Step 1. Eligible candidates can register via the NBSSI web portal, phone (0302- 747777) or through their Business Advisory Centers (BAC).
Step 2. A Unique Reference Code will be sent to you via text (SMS) and email after registration.
Step 3. Wait for a second notification via text (SMS) and email to continue with the application.
Step 4. Use the Unique Reference Code received in Step 2 to continue with the loan application.
WHO IS ELIGIBLE TO APPLY FOR THE CAP FUND?
- All MSMEs in the formal and informal sectors, affected by the economic downturn caused by the COVID-19 pandemic.
- MSMEs in growth sectors who require additional capital to expand their business to meet the growing demand for COVID 19 pandemic-related goods and services can also apply.
However, women-owned business and people living with disabilities (PWD) are also encouraged to apply. Businesses in the public sector and non-profit organizations are not eligible. Applicants with more than one business can only apply for just one business.
*For Eligibilty requirments click on the link National Board for Small-Scale Industries (NBSSI) for further details