SIC Life Savings and Loans, on the 26th and 27th of April 2016, joined other participants at the just ended SME Financing Fair organised by the Youth Enterprise Support, at the Accra International Conference Centre.
The programme, which was a government initiative in partnership with the private sector development and public private partnerships was aimed at bringing together under one roof, financial institutions and SME’s to engage on enhancing access to financial help and reducing cost.
SIC Life Savings and Loans, a co- sponsor of the program, also participated by setting up a booth, where staff spent time giving advising to participants on financial issues and some of the products and services offered by the company.
Mr Richard Appietu, the Managing Director of SIC Life Savings and Loans, a participant in a discussion on “finding solutions to the high cost of finance” spoke of stakeholder coming up with solutions, something he termed as “four plus one initiative”. The “four” he said is about institutions (Government, Regulatory Bodies, and SME), coming together with the “one” being donor parties, to deliberate and coming up with solutions to the impediments to accessing donor funds. He mentioned donor funds sitting there without anyone applying for them, because they are not aware or cannot provide requirements. Thus the funds being wasted, when there are SME Entrepreneurs who could benefit from them. Another area of concern for SME’s is the issue, of providing guarantees for loan applications and this becomes an impediments to them accessing loans. Often times they have landed properties as collaterals, however, these are not registered. He said one of the things financial institutions can do is to help SMEs is offer them help in getting their registration certificates. He also urged, SME’s to be straight with answers when they visit any financial intuition, as it makes things easier.