The management of Stanbic Bank on Tuesday launched a new product dubbed ‘Small and Medium Enterprises (SME) Quick Loan’ which aims at making credit easily accessible to small businesses in the country.

Ms Hannah Tetteh, Minister of Trade and Industry launching the product, said SMEs were the backbone in any country’s economy and needed the requisite support to boost their businesses.

She said the Stanbic SME quick loan was designed to provide working capital for wholesalers and retailers at market centres without demanding any collateral.

Ms Tetteh said it was government's desire to collaborate with Stanbic Bank to create business plans to support SMEs since the sector employed about 85 per cent of the overall workforce in the country.

She noted that SMEs contributed six per cent towards the Gross Domestic Product adding that public-private partnership was key component and a strategic option for implementing the solutions to the socio-economic challenges faced by the local enterprises.

Ms Tetteh urged individuals and groups to take advantage of the opportunity in enhancing their businesses and appealed to all and sundry to be sincere and extend good gesture by repaying the loan when due.

Mr Alhassan Andani, Managing Director of Stanbic Bank, said the innovative product was necessitated due to several years of appeal by the government and the Central Bank to make credit facility accessible to small businesses in the country.

He said multinational companies raised equity market capital to raise businesses, hence the need for their outfit to respond to the needs of businesses in the country.

Mr Andani said wholesalers and retailers needed to fill an application form and questionnaire about themselves and their business and did not need to give any collateral, security or personnel guarantee.

He explained that the customer needed to open a business current account with a minimum opening balance of GH¢20 adding that eligible retailers must have at least 12 months trading in the market with a confirmation by a bank statement from a reputable bank.

Mr Andani said eligible wholesalers must have at least 12 months or 36 months for loans above GH?10,000 trading in the market confirmed by account statement from a reputable bank.**