UT’s loans within 48 hours have saved many businesses from collapse – Amoabeng
UT Holdings Chairman Capt. Prince Kofi Amoabeng (Rtd.) Reported that the former UT Bank saved many businesses, especially small and medium-sized enterprises (SMEs), from collapse with its loan in less than 48 hours.
He made the remarks on the 8e edition of the ‘2022 What I Wish I Knew (WIWIK)’ conference where he shared his thoughts on the financing options available to start-ups.
Captain Amoabeng (Rtd.) said “when we were able to reduce the loan time to 48 hours, which most people didn’t believe, but we were able to do that, it saved a lot of businesses.”
He lamented the long waiting time for businesses to obtain loans from commercial banks.
“Even today, it takes about 3 months to raise loans from commercial banks if you’re lucky. We made loans in less than 48 hours, even if it was expensive, we saved a lot of companies, and we saved people time and they liked it.
The president of UT holdings also underlined the importance for SMEs to receive financing or loans on time.
He added that “when SMEs and entrepreneurs come to you and say they are looking for loans, they need them now, the business is just waiting outside. If you wait a month to evaluate them, the business opportunity is lost!”
When asked if he had any grudges and was bitter over the collapse of his bank, Captain Prince Kofi Amoabeng (Rtd.) said: “I’m not bitter, I’m not have a grudge against anyone. The worst that can happen to me is that I die.
The renowned entrepreneur also urged young entrepreneurs and young people to stay humble.
He said, “If you have humility, you can resist whatever is thrown at you. I remember after taking the bank, I went to GCB bank to collect some money and the staff was surprised to see me in a queue at a bank. For some doctors, if they lose their position, they cannot go near their place of work. No matter what you’re going through, with humility you’ll come out stronger.
The 8th edition of the ‘What I Wish I Knew’ (WIWIK) conference took place at the University of Cape Coast (UCC). The conference was on the theme “Re-envisioning, looking towards emerging opportunities”
Other panelists on the day included Professor JD Owusu-Sekyere (Vice-Chancellor, Cape Coast Technical University), Franka Maria Andoh (CEO, Jossie’s Cuppa Cappuccino), Dr Stephen Osei Tutu (Cluster Manager, Calbank Ltd), Myrah Caesar (CEO, PropelED) and Doris Ahiati (CEO, Crescendo Consult). The keynote address was delivered by Petra Aba Asamoah – Sales and Marketing Manager (Akosombo Textiles).