President Nana Addo Dankwah Akuffo-Addo will on August 1, 2018 award 1,300 entrepreneurs under the National Entrepreneurial Innovative Plan (NEIP) in order to grow businesses in the country.

Mr John Kumah, the Chief Executive officer, NEIP, said the Presidential Disbursement of funds was to provide financial support for individuals and businesses to expand.

He said "the major challenges facing the start-up of businesses is funding. It is in line with this that the government will reward 1,350 businesses with an amount of GH¢10,000.00 to GH¢100,000.00 as financial support".

The support, he explained, was not a grant but a loan with a low interest of 10 percent, repayable within three years to enable them expand and create more businesses.

He said the disbursement was expected to be in three phases, thus, the Southern, middle and northern.

The southern disbursement would be done by President Nana Addo Dankwah Akuffo-Addo, while the middle would be done by Otumfuor Osei Tutu II, Traditional ruler of the Ashanti kingdom and Northern disbursement by Vice President Dr Mahamudu Bawumia.

In an interview with the Ghana News Agency, Mr Kumah said over 7000 individuals and businesses had been taken through the various business hubs and training under the programme, adding that, many more would be trained after August 1.

The programme is a flagship policy initiative of the government with the primary objective of providing an integrated national support for start-ups and small businesses.