March 11, 2014 • 0 Comments
MASLOC – MICROFINANCE AND SMALL LOANS CENTRE
Microfinance and Small Loans Centre (MASLOC) is a microfinance apex body responsible for implementing the Government of Ghana’s (GoG) microfinance programmes targeted at reducing poverty, check creating jobs and wealth.
Over the years MASLOC has modestly established itself not only as a microfinance institution that disburses micro and small loans to the identified poor in the various sectors of the Ghanaian economy, but also provides business advisory services, training and capacity building for small and medium scale enterprises (SMEs) as well as collaborating institutions, to provide them with the required skills and knowledge in managing their businesses efficiently and effectively.
Established in 2006 by the Government of Ghana, MASLOC is particularly mandated to:
- Hold in trust Government of Ghana and/or Development Partners’ funds for the purpose of administering micro and small-scale credit programmes.
- Provide, manage and regulate approved funds for microfinance and small-scale credit, loan schemes and programmes.
- Be a micro finance apex body responsible for:
- The co-ordination and facilitation of the activities of institutions and organizations in the micro-finance subsector of the economy;
- Promoting and enhancing the development of a decentralized micro financial system; and
- The Co-operation, collaboration and complementarities with other non-bank finance institutions in the operations of microfinance services.
Products and Services of MASLOC
Micro-Credit or Small Group Loans
Under the micro-credit scheme, the main beneficiaries are groups/cooperative societies, each consisting of a minimum of 5 and a maximum of 25 members.
Small or Individual Loans
In the case of the small or individual loan scheme, an individual can access a minimum loan of GHC1, 000 and a maximum of GHC10, 000.
Wholesale Lending to Microfinance Institutions (MFIs), Ministries, Departments and Agencies (MDAs) and Rural Banks for onward lending to the productive poor.
Benefits of Using MASLOC
- Easy to apply
- Very accessible
- Very fast loans
- Highly competitive interest rates
- Flexible repayment schedules based on gestation period of project
- Less cumbersome application procedure
- Receive training and capacity building services
- Business advisory services
How to Access MASLOC Loans
To access MASLOC loans, one must go through the following processes:
- Submit a written application to any of our District Offices nearest you, stating the loan amount and the purpose of the loan;
- You will be invited by one of our Loan Officers for preliminary assessment;
- You will be advised on best practices, MASLOC’s interest rates and other information you need to know;
- Should you qualify for the loan, your loan application will be processed; and
- For MFIs, MDAs, NGOs, Banks etc. – a business plan or proposal will be required.
Eligibility Criteria for MASLOC Loans
Micro-credit or Group Loans
- The Group or cooperative society membership must be between 5 and 25
- Individuals in the groups must be between 18 and 65 years and of sound mind;
- The Group shall have common production or operational interest; and
- The group shall have its own leaders – mainly the Chairman and the Secretary, and with internal rules and regulations
- Applicant must be between 18 and 65 years and of sound mind;
- Must have an ongoing business venture or project;
- Must have sound knowledge and considerable experience in the business venture or project;
- Start-up projects or business must be viable and capable of generating employment.
- Must be a recognised entity registered under the laws of Ghana;
- Must be committed to poverty alleviation;
- Submit a business plan or proposal;
- Submit operational manuals especially credit;
- Provide current audited or unaudited financial statements.
*Because it deals with people across the economic divide, MASLOC does not generally require its customers to provide any business plan before accessing the loan.