The Amenfiman Rural Bank has set aside GH₵35 million to be disbursed to some traders affected by the Blue Light Market fire in Adum, Kumasi.
Interest on the loans is being reduced between four and six per cent based on cases presented.
In supporting affected clients with existing loan facilities, the bank is offering a re-negotiation of the loans.
Chief Executive Officer, Dr. Alexander Asmah, explains that the “Bank is discounting up front charges by fifty percent. We also have a loan package called Donkomi Promo, which is a collateral-free loan, most of them have subscribed to, and for that one we have decided to give concessions on that.”
According to Dr. Asmah, “not all of the people interviewed need immediate cash. Some of them need to find a shop, re-negotiate their trade arrangement among others. The money caters for needs of those who needed cash.”
According to the National Disaster Management Organisation, about 2,900 traders were affected by the Adum fire.
By the figure, 1,500 people claim not to be in position to feed themselves, hence, foodstuff support being offered by the government.
As part of concessions for traders to benefit from the loans, repayment of the facility will commence in three months.
Though the offer is open to all affected traders, existing customers will be prioritised.
In aiding the traders to rebuild their shops and stalls, the Bank donated GH₵200,000 to them.
Among the affected persons is Obed Owusu who runs XGEE Collection, a boutique at the Blue Light enclave.
The shop was opened a year ago with a loan which is yet to be fully settled. All lost to the inferno.
“I got five hundred thousand cedis from the Amenfiman Rural Bank to set up my business, I was two tranches away from completing the repayment when the fire happened. But I am hoping to rebuild when I get another loan which they have promised”, he said.
Traders in the area are awaiting authorisation to commence rebuilding, but Obed, like others, is making plans to restart his business.
The offer by Amenfiman Rural Bank, including a cut in interest rate, will present opportunities for the traders who are interested in rebuilding.
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