By Savannah Pokuaah Duah
Financial Economist, Emmanuel Dankwa has advised small and Medium-size enterprises (SMEs) to join an Association to facilitate their loan application process.
Mr. Dankwa made this statement during an interview on the GTV Breakfast Show while discussing the growth of SMEs.
He emphasized that entrepreneurs should be part of Associations as they serve as a support system and increase their chances of accessing funding from financial institutions.
According to Mr. Dankwa, if entrepreneurs do not organise themselves effectively, obtaining loans from banks can prove to be quite challenging.
He also highlighted the importance of external funding, especially from financial institutions, for business growth. In some cases, market Associations can pool resources and provide advancements to their member businesses.
Mr. Dankwa advised that approaching financial institutions as an individual small business may not yield the same favorable results based on their requirements.