PIX: Kumasi based beneficiaries of the Support To SMES with MTN Foundation Officials in a group photograph at Nhyiaeso on Tuesday

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MTN Foundation has launched a five year support system for Small and Medium Enterprises (SMEs) in Greater Accra, Takoradi and Kumasi.

Speaking to the media, Cynthia Mills, Economic Empowerment Advisor-MTN Foundation said the initiative is  targeted at supporting small businesses in the cathment cities to grow to a level where they can create opportunities of expansion and employment for others.

140 persons, she disclosed were benefitting from the funds made available.

Criteria:

The Foundation, she explained advertised to allow people to apply to accesss initial capital of 1.3million Ghana cedis.

Applicants were screened by an independent jury after which they were made to undergo interviews having done some background checks to authenticate their claims of being viable business outfits.

She noted that based on the proposals the applicants submitted they were allocated funds to enable them to function.

The amounts being given out, she stated ranged between GhC5, 000 and GHC10, 000.

Ashanti Region:

In the Ashanti Region, 27 beneficiaries  were given their funds on Tuesday at a ceremony at the MTN Headquarters,  Nhyiaeso.

Categories such as Youth led, Women Led and Differently Abled persons were given funds to expand their businesses.

Addressing beneficiaries and stakeholders, Mrs Cythia Mills said the initiative is to run for five years.

She said the initial nationwide launch was done in Accra with beneficiaries taking home cash for start up and expansion.

She noted that the initiative is to support small businesses to do well and to expand.

Caution:

She cautioned beneficiaries to keep an eye on their funds and invest in their businesses for greater outcomes.

Beneficiaries:

Two beneficiaries, Juliana Amoako, a mushroom farmer and Philip K Mensah, a Kente weaver at Agona said before Tuesday’s event they had been trained on how to use the monies wisely.

They said they were also taught how to use simple marketing tools which are on their phones to maximise their operations as well as keep simple accounting records.

They commended MTN for choosing to invest in people including the physically challenged, women and the youth.

Story By Michael Ofosu-Afriyie,

Kumasi.