DFID provides financing platform for SMEs

TechnoServe with funding from the UK government through the Department for International Development (DFID), has organised the second edition of the Enhancing Growth in New Enterprises (ENGINE) investors and financing dialogue in Accra.

The dialogue was to streng-then linkages and closure of deals from the previous dialogue session.

The event saw 176 entrepreneurs creating new linkages and strengthening existing ones to facilitate deals between investors and financiers.

Madam Karri Geoldner Byrne, the Country Director, TechnoServe, Ghana, said the platform provided an opportunity to support small and medium enterprises (SMEs) to overcome their barriers.

She said the UK government is committed to supporting the growth and development of the Ghanaian economy.

Mr. Samuel Baba Adongo, the Programme Director, ENGINE said TechnoServe is currently running a multiyear enterprise development to support micro and small enterprises (MSEs) to overcome barriers to growth and improve competitiveness.

He said the programme seeks to equip micro small enterprises with the necessary skills and resources to improve their business plans and internal operations, while creating a thriving community of entrepreneurs through increased access to business development services and finance.

He said since the launch of ENGINE in April 2014, 176 small enterprises have received awards in various forms with additional 100 businesses expected to receive grants and technical assistance from the programme by the end of the year.

The Country Director said the programme has so far committed GH¢3.1 million to 176 businesses.

Mr. Baba Yabdow, the Chief Executive Officer of Yabco Focus Company Limited, in an interview with the Ghana News Agency commended management of TechnoServe for organising the event for entrepreneurs in the country.

He said the interest rate on SME loans is a challenge to small businesses and called on government to ensure that the business environment was conducive for investors.

Mr. Jeffery Odame Yeboah, the Head, Personal Banking, Universal Merchant Bank, said the bank was ready to assist entrepreneurs to grow their businesses.

He commended DFID for supporting an initiative that provides cash and various forms of assistance in the form of seed capital and aftercare support services to MSEs.

The entrepreneurs were made aware of the processes required in obtaining SME loans, private equity and impact funds, basic insurance products for SMEs as well as the creation of investor network pool for future deal considerations.

The session attracted 29 participating institutions and investors from the banking sector, Savings and Loans companies, impact funds, private equity firms, venture capital firms, micro-finance institutions and other specialised funding agencies.

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