ABSA launches ABSA SME loan at 10%: A collateral-free SME loan up to GHS 500,000
ABSA one of the foreign banks in Ghana has launched a collateral-free SME loan which gives qualified applicants the chance to secure up to GHS 500,000 at 10%.
The bank believes this offer will allow SMEs in Ghana to expand their businesses with a loan tenure of up to 24 months.
Why The ABSA SME loan at 10%: A collateral-free SME loan
This is part of the Absa Bank Ghana and its strategic partners to build the capacity of 5,000 Ghanaian small and medium-sized enterprises (SMEs) to help make them investor-ready by the year 2025.
In addition, these SMEs will be supported over the next few years with loans up to Gh¢ 1 million with no collateral and between Gh¢1 million and 11 million with collateral – all at a fixed interest rate of 10 percent.
The launch of the “ABSA SME loan at 10%” initiative’s focus on women-led SMEs and youth-led (18-35 years of age) SMEs, and businesses in the agribusiness, Fintech, and microfinance sectors, at a time when these businesses are in dire need of financing to lead our macroeconomic recovery efforts as a country.
The “ABSA SME loan at 10%” initiative is therefore revolutionary, as it is designed to address the SME finance gap in many ways including by (i) by scaling up the volume of loans to SMEs; (ii) pricing these loans at an unbelievable 10 percent; (iii) requiring no collateral for loans of up to Gh¢ 1 million; and (iv) supporting such borrowers with much-needed capacity building and business supporting services.
SMEs have been challenged and encouraged to take advantage of this opportunity provided by this partnership between Absa Bank Ghana Limited and the MasterCard Foundation and to make the most of this to scale up and build more sustainable and resilient businesses.
With this lifeline, SMEs should aim to venture more into manufacturing to produce enough to help make our economy more self-sustaining and able to withstand external shocks that we contend with every now and again.
How to apply for the ABSA SME loan at 10%
To apply for the ABSA SME loan at 10%, visit an Absa Branch or project office.
You can also all 026 224 5160, 0800 222 222 (Toll-Free), 030 242 9150, or email yawprojectteam1@absa.africa today.
