Small and medium-sized enterprises (SMEs) in Ghana have been encouraged to explore alternative sources of funding beyond traditional banks to overcome the challenges of accessing capital.
According to Nana Opoku Ware Ofori Agyeman-Prempeh, CEO of GrowForMe, many businesses struggle to secure financing due to the strict eligibility criteria, high-interest rates, and collateral requirements imposed by banks.
"We believe capital shouldn’t come only from banks," he stated, emphasising the need for innovative financing options to support entrepreneurs.
GrowForMe, a regulated investment crowdfunding platform, is providing an alternative by allowing businesses to tap into a network of 5,000 individual investors. Through this platform, entrepreneurs can access funding via Mobile Money and the web, set their own investment terms, and engage directly with investors who believe in their vision.
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"Many great businesses fail not because they lack potential, but because they can’t access the right financing at the right time. Our platform gives entrepreneurs the freedom to raise funds from individuals who support their ideas and want to be part of their growth story," Agyeman-Prempeh added.
Rather than depending on traditional bank loans, businesses can now present their investment opportunities directly to potential backers, making capital more accessible.
GrowForMe operates under the Securities and Exchange Commission of Ghana, ensuring a secure and transparent process for both businesses and investors.
Investment opportunities are available through Mobile Money by dialling *170# (option 5,4,3) or *800008#, and online at growforme.com/en/trades.