Premium Bank has launched a 5 million Ghana cedis Integrated Credit Facility as part of moves to support and promote startup and SME growth in Ghana.
According to the bank, the facility is a funding and support aid for members of the Ghana Startup Club 100 to support their operations.
The facility, however, is only accessible to members of Premium Bank’s HelpStation.
Premium Bank’s Helpstation is a bureau through which Premium Bank goes beyond offering traditional banking services to help SMEs grow into sustainable businesses.
Addressing winners of the Premium Bank Ghana Startup Awards and members of the Ghana Startup Club 100, Managing Director of Premium Bank Mr. Kwasi Tumi pledged the bank’s commitment to helping the SME sector grow their businesses.
“I gain confidence in the fact that they are the future of this country. We are not a bank that is only focused on the present. We are a startup bank as well; we are growing by the day and what better way than to grow with people who are also starting to grow.” he said.
Explaining the conditions attached to the fund as well as how startups can get access to the fund he stated that,
“We are setting aside 5 million cedis to help SMEs, basically the startups grow their businesses. It is not for free. There are conditions attached and will be pretty stringent. Because we need to see quite a few things before the money is handed over. The key important things we need to see is the fact that your business is well structured and is growing. One must go through a certain regime before one can access that fund.”
He further advised the SMEs to be well guarded and stay focused to ensure solid grounds for their businesses.
“A lot of them think that what they need is money; but for most of them what they need is organization and by that I mean how to run their businesses in ways that will make them attractive to people who want to put money into it. That is what we hope to achieve by this Helpstation concept and once you go through the Helpstation, where we prepare you for financial assistance, then we can begin to now extend and entrust you with money,” he added.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana