The loan, a total of GH?600 million, will have a one year moratorium and two-year repayment period.
The scheme, the President said, is in collaboration with the National Board for Small Scale Industries (NBSSI), business and trade associations and selected commercial and rural banks.
He made this known when he address the nation on Sunday on the measures being put in place to mitigate the effects of the Coronavirus on Ghanaians and the economy.
He said as part of measures, he had also directed the Minister for Finance to send to Parliament the Coronavirus Alleviation Programme (CAP), aimed at protecting households and livelihoods.
He said the CAP would also support micro, small, and medium sized businesses, minimise job losses and source additional funding for promotion of industries to shore up and expand industrial output for domestic consumption and exports.