The Director of Business Support of National Entrepreneurship and Innovation Plan (NEIP) Mr. Franklin Owusu-Karikari, has reiterated government’s readiness of supporting entrepreneurs in the country through its NEIP flagship program.
NEIP is a flagship program of the Government of Ghana to support and promote entrepreneurship and business development in the country.
The initiative was launched by the president Nana Addo Danqah Akufo-Addo with a seed capital of USD10 million which is expected to be scaled up to USD100 million through Private Strategic Implementation Partner (PSIP).
Mr. Franklin Owusu, made this known in an interview with News Ghana during a stakeholders forum which was organized by National Entrepreneurship and Innovation Plan (NEIP) in Accra.
This he said, with this massive support, the government believes that it will go a long way to aid them to become economically independent and also assist the government in job creation.
According to him, the NEIP primarily focuses on providing business development services; startup incubators and funding for young businesses to enable them grow and become successful.
“We did a call for application in December for prospective applicants to enter application for NEIP Business Support Program (NBSP). And we received about 7000 applications,” he disclosed.
This he said, the Incubations hubs will help with the selection of applicants to benefit from the NEIP Business Support Programme.
“We believe that if even the businesses do not get the Seed Capital funding, they should get a business support services in areas of capacity building, Marketing, Branding and other Management skills. Averagely each hub will have about 140 Applicants to work with within a period of Month,” he noted.
Adding that, NEIP has partnered with the British Council to develop the standardized training module and the standard criteria that would be used to select the final beneficiaries of the NEIP Business Support Programme for this phase of the project.
According to Franklin Owusu, as part of the Training process , the HUBS are mandated to get know the businesses very well in terms of their Value proposition, product or service innovation , Business location and their financial performances in term of sales.
More so, the HUBS will have the opportunity to select the best 10 of the businesses that will come into their Centre for training and selection. These 10 businesses would be selected, and details of these businesses submitted to Head Office of NEIP.
“NEIP would do due diligence of the business selected through our Regional Monitoring teams which comprises both staff from NEIP and the Ministry of Business Development for the verification of the selected businesses. SEED CAPITAL in the range of GHs10, 000 to 100,000 interest free loan would be presented to the selected final 500 businesses that would be submitted to NEIP after the due diligence.
The HUBS will have a continuous relation with the 10 businesses per Hub selected in terms of monitoring their progress, continuous business Advisory support and ensure that these 10 businesses under their care repay the interest free loan given to them,” he explained.
By: Isaac Kofi Dzokpo/newsghana.com.gh