Arab Bank & JLGC lunch 4 specialized programs in SMEs

Arab Bank & JLGC lunch 4 specialized programs in SMEs

Jordan Loan Guarantee Corp. and the Arab Bank continued their collaboration and signed the second addendum of the loan Guarantee agreement; to launch the new four SME's specialized programs. The agreement was signed by JLGC Director General Dr. Mohammad Al Ja'afari and the Arab Bank Vice President, Country Manager of Jordan and Palestine, Mrs. Kholoud Al Saqqaf. Through this agreement JLGC guarantees the risk of financing SMEs loans granted by the Arab Bank.

The four programs are: "Auto- loan", "Renewed loan for pharmacies" and "renewed bonded loan" with a guarantee percentage of 70% per each. Whereas, the last program is the "Jordanian Exports Support loan" with a guarantee percentage of 90%.

The contribution of SMEs considered to be the backbone of the Jordanian Economy, as they represent 95% of Jordanian companies. The statistics indicate that productive, economical and profitable enterprises which lack access to finance are well served by the Arab Bank through its wide range of branches across the kingdom in coordination with the Jordan Loan Guarantee Corp.

JLGC is keen on continuing corporation with Arab Bank to provide guarantees aimed at serving the new four programs with finance reach to JD 100,000 and a maturity date of 5 years.

It is worth pointing out that the first addendum was signed in October 2012 and launched the first two programs, "Express Loan" and "Business Loan for SMEs ".