The Micro-Finance and Small-Loans Centre (MASLOC), is now a fully commercially orientated small businesses financing entity.
Mr Carlos de-Souza, a Lawyer with MASLOC told journalists in Ho, on Tuesday, that the centre has began prosecuting loan defaulters, who borrowed from it.
He said to qualify for a MASLOC loan facility, one needs to have a verifiable and credible business plan and not political credentials.
Mr de-Souza said the restructuring of MASLOC, had changed the institution functionally and structurally, into a much more efficient micro-credit outfit than before.
He said all loan defaulters nationwide, will be made to pay, and that MASLOC will seek court orders to auction business and personal assets of recalcitrant loan defaulters.
Mr Victor Attiase, Acting Volta Regional Manager of MASLOC, attributed the non-payment of loans by the defaulters to “credit indiscipline” by some.
He said under the new scheme, credit officers, who does the appraisals and recommendations will take full responsibilities for the projects.
Mr Attiase said these officers are assessed based on their ability to recoup credits, stressing that, many of the new officers had micro-credit financing backgrounds.