Ghana Music Live, a recently launched exclusive music mobile application has through its social media pages shared an art piece indicating that the erstwhile MUSIGA President Bice Osei Kuffour during his tenure assisted over sixty-eight (68) musicians to acquire loans to further in whole or facets of their varied music careers. They may need a bridge loan to help them close that gap between finances to make sure they can afford to start their dream. It is like an investment in their future.
The said Loans acquired over the period with the assistance of the Musicians Union of Ghana amounts to over one million Ghana cedis (GHC1,000,0000). This news has been received with much shock and deemed as untrue in most quarters of the industry. Checks however reveal that this is indeed true and beneficiaries include several artistes rated as legends, A class acts and record labels.
These Loans were acquired over a period with the financial institution “Midland Savings & Loans. This was under a scheme called the “Musiga Ajumapa Business Loans” which had low interest rates and relatively collateral free and guaranteed by the Union to enable her members access funds for their projects.
Situations like this are why it is so important for artists to have access to business loans to grow their own brands and develop their music. Companies such as SummitFR.com are usually how people approach this subject, but for these sixty-eight artists there was a different route available.
Having said this, loans can be a scary prospect for businesses. There are so many types of loans available for companies that it can seem quite overwhelming, and there is also the issue of whether you are eligible as a business for certain loans. As a business in need of credit, a good loan to look into is usda b&i loans for rural businesses; checking whether you’re eligible is super easy, and can be done online. Not all of us are as lucky as these fortunate artists!
Sources close to the erstwhile Midland Savings and Loans General Manager lists Rex Omar, Kojo Antwi, Samini, Okyeame Kwame, Tic Tac, Kaakyire Kwame Appiah, Celestine Donkor, Ben Brako, A.b Crentsil, Raquel, Charles Anaman, John Owusu and Lynx Entertainment as part of the beneficiaries of this scheme.
Source: Eli Gold