A new stimulus package meant to cushion micro, small and medium enterprises (MSMEs) from the negative impact of COVID-19 will be launched today.

With an initial commitment of GH¢90 million, the new COVID-19 Recovery and Resilience Programme is to provide financial assistance in the form of grants and soft loans through participating institutions such as banks, fintechs, mobile lenders and business development services.

The programme — dubbed ‘Nkosuo’ — is an initiative of the National Board for Small Scale Industries (NBSSl) and the Mastercard Foundation.

It is to focus on sectors such as agriculture and agro-businesses, water and sanitation, healthcare and pharmaceuticals, garment and personal protective equipment, creative arts, manufacturing, and food and beverages.

The Executive Director of the NBSSI, Mrs Kosi Yankey-Ayeh, who made this known to the media in Accra yesterday, said about 25,000 businesses had been projected to benefit from the programme.

She observed that applicants could request up to GH₵25,000.

She said the programme provided financial assistance in the form of grants and loans with an interest rate of three percent payable within two years after a moratorium of one year.

Source: graphiconline