Bolgatanga, May 31, GNA - About 3,500 people in Upper East Region are to benefit from a 610,000 Ghana Cedi financial assistance under the Micro Finance Small Loans Centre (MASLOC).

Mr Lawrence T. Prempeh, Chief Executive Officer of MASLOC announced this at the launch of MASLOC in the Region on the theme, 'A New Approach to Economic Employment Through Micro Finance' in Bolgatanga. He explained that the scheme was instituted by Government to help hard working people who needed financial assistance to start or expand their businesses.

"It is available for all and sundry without discrimination. Any income generating venture of the beneficiary is acceptable and traders, dealers in handicraft and artisans are all eligible for the loans," Mr Prempeh said.

Mr Prempeh advised beneficiaries to utilise their loans well and repay them promptly for others to benefit.

Mr Alhassan Samari, Upper East Regional Minister, noted that MASLOC designed to be an effective and sustainable strategy for reducing poverty was the best for the Region as majority of its population were poor.

"However, it takes purposefulness and discipline to get out of poverty, there is therefore no alternative to using such loans as judiciously as possible to enable beneficiaries pay back their loans," he said.

Mr Samari urged staff in-charge of MASLOC in the Region to be committed to serve the people and ensure the success of the scheme. "It is my expectation that those in charge of the scheme in the Region would work with humility and commitment to improve living standards of the people," he said.

Mr Roger Minyila, Upper East Regional Coordinator of MASLOC, explained that individual beneficiaries were granted between 1,000 and 2,500 Ghana cedis while groups could have between 2,500 Ghana cedis to 20,000 Ghana cedis.

He said while groups were supposed to pay 10 per cent interest rate and a month grace period, individual beneficiaries were expected to pay according to the current Bank of Ghana prime rate plus 2.5 per cent. Mr Minyila said only those who venture into agriculture were given a year's grace period.