Union Savings and Loans launches SME Clinic

Union Savings and Loans Limited, one of the oldest savings and loans companies in Ghana has officially launched its Small and Medium Scale Enterprise (SME) Clinic.

The new service is a management capacity building programme aimed at offering business solutions towards advancing the growth of SME’s to help accelerate the country’s development.

Ninety percent of companies registered in Ghana are SMEs but quite a number are finding it difficult to stay in business. It is a problem Managing Director of -Unions Savings and Loans Limited, Phillip Oti -Mensah blames on the lack of managerial skills.

‘Access to loans to stay in business is no longer the challenge. The challenge really is the capacity of SMEs to manage the loans they take,’ Mr. Oti – Mensah told JOY BUSINESS at the launch in Accra.

The regular formal classroom training session will be held on a monthly basis at a specially built center at the premises of Unions Savings and Loans. The training programme will be facilitated by the Union’s internal managers, experts from partner institutions and when necessary, external consultants.

Union Savings and Loans Limited will be targeting businesses with 5 -200 employees and institutions with assets up to GHS 2 million.

‘We’re looking at a loan amount of up to GHS 2 million and in terms of specific sectors, we cover all sectors. We know that the services sector contributes up to 50% of GDP, so that is the sector we are really focusing on’, said Mr. Oti-Mensah.

The SME Clinic would also track the progress made by businesses that sign onto it.

The launch was graced by Kofi Antiri, Director of Research and Business Development at the Ghana Investments Promotion Centre (GIPC) and Alexander Koomson, a representative from the Bank of Ghana.