Eden Micro Finance, a fast growing financial service provider, says there still exists a window of opportunity to relieve small businesses and petty traders in accessing finance.
The increasing cost of lending by commercial banks has prevented local start-ups from taking quality loans to establish or expand their ventures.
Managing Director of Eden, Asumadu Ntiamoah, acknowledged the intense challenge in obtaining start-up capital, but says the company is offering flexible terms in loan repayment to afford businesses the benefits of tapping into available financial products.
After one year in operations, Eden Micro Finance has grown its branches to 11 and employs over 500 staff. The institution plans to open nine additional branches by the end of 2012.
The company provides guarantor and security free loans to SMEs and informal sector clients as a distinctive feature in the financial services market.
According to Mr. Ntiamoah, some of the petty traders have insufficient capital “so when they visit our offices, we sit down with them, give them flexible terms and give them facilities to add to what they have to continue their trading”.
Meanwhile, Eden Micro Finance has committed to support initiatives to promote the upkeep of less fortunate institutions as part of its corporate social responsibility.
Mr. Ntiamoah said the institution would be lending a hand to seven charity homes in the cause of the year.
He spoke to Luv New when the company donated food items and other materials worth Gh4,000.00 in aid of the Orphanage, Vulnerable and Street Children Project at the Cherub’s Children’s Home at Santasi Apire near Kumasi.
“The children have no control over the misfortune hence the need for society to support individuals who have opted to protect and promote the educational, emotional and socio-economic status of the inmates”, said the MD of Eden.
Appreciating some peculiar challenges that may inure some women to abandon their children, Mr. Ntiamoah enjoined them to be wary of getting pregnant when not ready.
Story by Kofi Adu Domfeh
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