Majority of business owners in the Tamale Metropolis especially local businessmen and women are being blacklisted by many commercial banks and other financial institutions for their penchant in defaulting in the repayment of loans.
According to Deputy Tamale Area Manager of Prudential Bank, many of the business owners fail to honour the terms and conditions spelt out in loans agreements, thereby defaulting when the time is due for repayment of the loans.
Mr. Musah disclosed this recently when he outdoored a scholarship scheme instituted by one of the bank’s clients, Business College International (BCI). “Since we started working with BCI we have realised that they’re honest in their dealings with the bank and we’re going to support them to expand the school”, he pointed out.
He however decried the habit of many business owners often diverting loans granted them by banks into non-profit ventures which initially were not part of or included in the transaction agreement signed between them and the banks.
Mr. Musah adviced all business owners in Tamale and for that matter Northern Region to cease the practice of constantly defaulting in the repayment of loans or misusing the loans that banks give to them.
|A Bird's Eye View of Tamale Central Business District|
He also encouraged more fledgling and already established businesses in the metropolis to approach the banks for technical advice on how to manage their business, finances or acquire a credit facility.
Mr. Musah pointed out that many of the businesses are not growing as expected because they have refused to collaborate with banks for appropriate advice.
BCI is a private school based in Tamale and operates both as a senior high school and a tertiary institution. Currently with a student population of over one thousand, the college offer courses in business, general arts, home economics and agric science. Since 2003 to date, its scholarship programme dubbed “Taimako Educational Scholarship Programme” has supported close to 100 students.
The Director of BCI Mr. Ibrahim Shamsudeen Taimako, said with the launch of TESP, 16 girls are being supported to study agricultural science. “Next year, BCI will upgrade the programme to include 5 boys. We will therefore admit 15 girls and 5 boys in honour of Dr. Hajia Salamatu Ibrahim Taimako”, he said.