The Chairman of UT Holdings, Captain Prince Kofi Amoabeng (Rtd.), has indicated that the erstwhile UT Bank saved a lot of businesses especially, Small and Medium Enterprises (SMEs) from collapse with its loan in less than 48 hours.
He made these remarks at the 8th edition of the ‘2022 What I Wish I Knew (WIWIK)’ conference where he shared his thoughts on financing options available for start-ups.
Captain Amoabeng (Rtd.) said “when we were able to cut lending time to 48 hours, which most people didn’t believe, but we were able to do, it helped save a lot of businesses’’.
He bemoaned the long waiting time it takes businesses to be granted loans from commercial banks.
“Even today, it takes about 3 months to raise loans from commercial banks if you are lucky. We did loans in less than 48 hours, even though we were expensive, we saved a lot of businesses, and we saved time for people and they appreciated it’’.
The Chairman of UT holdings also highlighted how important it is for SMEs to receive funding or loans on time.
He added that “when SMEs and entrepreneurs come to you and they say they are looking for loans, they need it now, the business is just outside waiting. If you wait one month to evaluate them, the business opportunity is gone!’’
Asked whether he has any grudges and is bitter due to the collapse of his bank, Captain Prince Kofi Amoabeng (Rtd.) stated that “I am not bitter, I hold no grudges against anyone. The worst that can happen to me is that I will die’’.
The renowned business executive also admonished young entrepreneurs and the youth to stay humble.
He said “If you have humility, you can withstand anything which is thrown at you. I remember after the bank was taken, I went to GCB banking hall to cash some money and the staff were surprised to see me in a queue in a banking hall. For some MDs if they lose their positions, they can’t go close to where they used to work. It doesn’t matter what you go through, with humility you will come out stronger’’.
The 8th edition of ‘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 ahead to emerging opportunities”
Other panelists on the day included Prof J. D. 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 – Head of Sales & Marketing (Akosombo Textiles).