Ghanaian businesses urged not to downgrade for grant access

Mr. Bright Evans Darko, Head of Small Medium Enterprises (SME) Banking at GEXIM Bank, has advised Ghanaian enterprises to avoid downgrading their businesses to qualify for micro grants.He noted that that could undermine the trustworthiness of business owners and negatively affect their ability to secure future support from benefactors.'If you're a big company, don't become small because of grants,' he said during a Ghana EXIM Bank stakeholder engagement with SMEs.The event aimed to educate SMEs about the Capacity Building module of the SME Growth Opportunities (GO) programme, which was launched in July of this year.Mr. Darko said that the capacity building module was a grant designed to act as a growth catalyst for small businesses that are struggling.He pointed out that the module aimed to help businesses scale up and increase their production capacity, to make them more attractive for investment.'We did a little research, visited some of you and we realised that some people are producing in the ir garages, using blenders and kitchen tools for their production. Help has come,' he said.Mr. Darko encouraged businesses capable of employing 6 to 100 people and generating an annual turnover of GHS 18 million to seek loan facilities ranging from GHS 300,000 to GHS 20 million under the SME GO program, rather than focusing solely on grants.He also cautioned potential beneficiaries against misusing the funds, stating, 'If the facility is intended to expand your factory, you can be sure we will visit you.'Mrs. Rosemary Archer, Deputy Chief Executive Officer of GEXIM Bank, said that the bank was committed to helping SMEs reach and compete in the global market.She explained that the bank launched several initiatives, including the Tuesday market in 2018 and the Made in Ghana (MIG) Town at the Africa Trade House, to promote well-packaged Ghanaian products, while also organizing trips to connect Ghanaian SMEs with foreign markets.'We want to turn your micro and small businesses into industries,' she said .Source: Ghana News Agency