The Management of Microfinance and Small Loans Centre (MASLOC) would begin disbursing funds to applicants from May to undertake various business ventures.
Mrs Bertha Ansah-Djan, Chief Executive Officer of MASLOC announced this at a press conference in Accra on Wednesday.
She said even though there were still some defaulters to the scheme, management had so far recovered about 50 per cent of the loans.
This she said had reinvigorated the scheme to honour new loan applicants.
Mrs Ansah-Djan said unlike the past where there were no records on the groups or individuals who benefited from the facility, management had restructured loans disbursement procedures to ensure easy monitoring of beneficiaries.
This, she said, was to ensure that the funds continued to revolve for other applicants to benefit to reduce poverty in the communities.
Mrs Ansah-Djan said about 30 per cent of the loans have been retrieved from the transport sector, while the 292 vehicles retrieved in the Greater Accra Region have been parked at the MASLOC premises.
She said efforts were still on-going to retrieve more vehicles in the regions.
Mr Pius Austin, Board Member of MASLOC announced that Serious Fraud
Office has begun investigations into activities of the past management for appropriate action against offenders.