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Signing of MOU: Union Savings And Loans To Support SME Award   
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Mr Philip Oti Mensah(Union) and Mr. Richard Norgah(Imagine8)
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Union Savings and Loans and Imagine8 Company Limited, yesterday signed a memorandum of understanding which gives the afore, the right to sponsor an SME award, aimed at rewarding small and medium sized enterprises with imaginative and successful initiatives.

The managing director of Union, Mr Philip Oti Mensah, in an address revealed that his outfit saw the need to sponsor the event because they know such initiatives would propel other SMEs to work harder.

This isn’t the first time Union Savings and Loans is supporting this initiative; but with the MOU both parties signed, they have been given the mandate to assist Imagine8 with financial support for the next five years.

Union and Imagine8 sign memorandum of understanding

According to Mr. Oti Mensah, there is so much talk about underfinancing by some SMEs and he explains that what accounts for this is because people are not able to manage the financial and access to credit aspect of business well.

Reps from Union Savings and Loans and Imagine8
As at now there are about 28 banks, 22 savings and loans companies; over 400 micro finance companies and over 150 rural banks in Ghana, but Mr. Oti Mensah pointed out that “most SMEs collapse because they go in for the wrong loans”.

In his view, “access to finance is currently a thing of the past” and Union Savings and Loans were doing their best to build capacity through the SME clinic they have established to assist business entities.

He ended by emphatically stating that assisting events like the SME Award is a step in the right direction.
Source: Chris Joe Quaicoe/ email: [email protected]

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