Accra, Oct. 25, GNA - The Microfinance and Small Loans Centre (MASLOC), has disbursed GH¢2,400 to 25 members of the Ashiedu Keteke Good name Foundation, a community-based organisation in Accra.

The beneficiaries received the loans ranging from GH¢300 to GH¢500 to establish and expand their respective businesses.

Addressing the recipients on Sunday, Mr Ahmed Anas, Credit Officer of MASLOC, said even though many members of the Foundation applied for the loans, all of them could not be served at the same time.

He said the loans would be disbursed in trenches of 25 per group. The next batch, he noted, would be served very soon.

Mr Anas said the repayment of the loans would be spread over eight months and urged the recipients to work hard to repay within the period so as to reciprocate the confidence MASLOC had reposed in them.

The Chairman of the Foundation, Mr Daniel Nii Okai, thanked MASLOC for the trust it had shown in the Ashiedu Keteke Good name and promised members' commitment to strive to honour their obligations to the Centre.

He reminded recipients that the loans were not gifts so he advised them not to misapply them. He said they should not spend the money on funerals and other social activities but invest them wisely to enable them to repay in time.

Mr Okai said recipients could open accounts with the UNI-Credit Bank, the loan administrator, or with a financial institution to facilitate the repayment process. Defaulters, he said, would not be spared.

He said dealing with a bank would ensure good savings habit that would qualify recipients for further assistance from financial institutions.

Mr Okai finally urged members of the Foundation not shirk their parental responsibility of educating their children, since it was the greatest asset that they could give them.