The National Board and Small Scale Industries (NBSSI) has disbursed some GH¢1m to micro-business owners in the country.

This amount is part of the special fund set up by the government to cushion micro, small and medium enterprises (MSMEs) from the impact of the coronavirus disease (COVID-19).

On Wednesday, June 24, 2020, the NBSSI begun the disbursement of GH¢1 million to 1,000 applicants under the first tranche of the GH¢1 billion Coronavirus Alleviation Programme (CAP) business support scheme.

They include food sellers, hairdressers, tailors, among others.

The beneficiaries, who met the rigorous criteria designed by the NBSSI, received up to GH¢2,000 via mobile money under what is known as the Adom Micro-Soft Loans, for micro-enterprises.

The special fund is categorised into Anidaso and Adom special loans, with an interest rate of three percent, payable within two years after a moratorium of one year.

Scheduled disbursement

The Executive Director of the NBSSI, Kosi Yankey-Ayeh, at a press conference in Accra, said the disbursement would be done continuously for the next three weeks.

"Today's disbursement is focused on applicants in the lower micro (Adom Loans) category, whose applications constitute 5.4 percent of the total value of funds requested by all applicants as of Wednesday, June 24, 2020”.

“We are working around the clock and in close collaboration with participating financial institutions (PFIs) to effect disbursement, and will in the coming days increase the numbers per batch disbursement,” she said.