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The Microfinance and Small Loan Centre (MASLOC) is a governmental loan initiative given to small and medium scale businesses in Ghana with the aim of reducing poverty. The Government of Ghana launched in 2006 with the target of boosting job creation and reduction of poverty. MASLOC has the mission of “providing micro and small loans for start-ups and small businesses with fast, easy and accessible microcredit and small loans to grow and expand their businesses as well as to enhance job and wealth creation.”
MASLOC also has the vision to “remain committed to growing and developing small and micro businesses through the provision of sustainable microfinance, small loans and business services to Ghanaian entrepreneurs”.
Mr. Stephen Amoah is the current Chief Executive Officer (CEO) of the Microfinance and Small Loans Centre (MASLOC) Ghana, under the office of the President of Ghana.
Types of Loans under MASLOC
- Small Loans
In the case of the small or individual loan scheme, an individual can access a minimum loan of GHC1,000 and a maximum of GHC10,000. Under this scheme, the loan beneficiary is expected to provide an acceptable security, in addition to a personal guarantor who must be in a position to repay the loan in case of default.
- Vehicle Loans
Under the Vehicle Hire Purchase Scheme, the loan centre distributes saloon cars to productive unemployed professional drivers who want to own their taxis.
The scheme is targeted at empowering individual drivers, especially the youth, who belong to Taxi and Drivers’ Unions to own their vehicles after paying the loan facility within a four-year period.
- On-Lending Loans
Wholesale Lending to Microfinance Institutions (MFIs), Ministries, Departments and Agencies (MDAs) and Rural Banks for on-lending to the productive poor.
With this scheme, MASLOC grants loans to Microfinance Institutions (MFIs), Departments and Agencies (MDAs) and rural Banks for on-lending to small and micro businesses.
Eligibility Requirements for the MASLOC Loan
- Applicant must be between the ages of 18 and 65 years and of sound mind.
- Should have an ongoing business or project.
- Must demonstrate in-depth knowledge, understanding and experience of the business venture.
- The Start-up business or project must be feasible, profitable and capable of creating employment.
- For MFIs, MDAs, NGOs, Banks etc. A business plan or proposal will be required.
- Masloc loans are for a short period of time and the loan must be repaid within a 12month period. Hence businesses of longer gestation period may not be granted this loan.
- Application Letter
- 2 Passport pictures
- Photocopy of any National ID card
- Company and Management Profile
- All business registration Document
- 12 months bank statement of business
- Investment plan as to how the loan will be utilise on the business (Cost, Expenses etc.)
- Financial Statement (2 years)
- List of Assets
- Document of land ownership or rented agreement document
- Collateral
- Guarantor
Others:
Copy of operational Manual
Requirement for Guarantor:
Five (5) or three (3) guarantors (Where applicable)
One (1) passport picture and photocopy of national ID each
6 months bank statement or three (3) months’ pay slip
