Jordan Commercial Bank Launched specialized programs for financing small and medium-sized enterprises with a targeted ceiling of JD 10 million to be reached by the end of the current year. The loan programs will be executed in cooperation with JLGC. They came in line with the bank's efforts to expand its customer base to contribute in the development of small and medium-sized projects, given the vital role of these projects in advancing economic growth and job creation.
Mr. Mahdi Allawi the General Manager of the Commercial Bank declared during the signing ceremony that the programs' goal is to facilitate procedures , terms and conditions for granting credit at competitive rates to the owners of SMEs enterprises operating in all parts of the Kingdom in different types of business. The bank's management is keen in improving credit to this sector through all branches operating in the Kingdom .The Bank will focus on SMEs outside the capital (Amman) given the need to encouraging the targeted projects in these areas.
The value of each loan will be up to one hundred thousand JDs, and the term will reach 5 years. These loans will be provided at a competitive interest rate to enhance the chances of success of the loan programs.
Dr. Mohammed al-Ja'fari, The Director General of The Jordan Loan Guarantee Corporation, stated that this financial product has been developed by the Commercial Bank in collaboration with JLGC as it is directed to individuals , sole proprietorship or limited liability enterprises registered in the Kingdom, which don't have more than 100 employees and their annual sales do not exceed JD 3 million.
Loans within this programs are guaranteed by JLGC with a guaranteed ratio of 70% of the loan value. This guarantee will replace the traditional collaterals requested by banks to make the credit decision on the basis of feasibility of the project and the credit history of the project's owners, given the rich database a vailable at JLGC.
This agreement has been signed under the patronage of H.E. Mr. Ayman al Majaly Vice Chair of the Board of Directors of The Jordan Commercial Bank and signed by Mr. Mahdi Allawi the General Manager of Jordan Commercial Bank and Dr. Mohammed Al-Ja'fari The Director General of the Jordan Loan Guarantee Corporation. The signing ceremony was attended by Mr Yar'ub al Qudah the CEO at JEDCO and Dr. Adly Qandah the manager of the Association of Banks and Dr. Maher al Mahrooq the manager of Amman chamber of Industry and top officials from the Jordan Comercial bank and JLGC .
On the side of the signing ceremony, a loan agreement has been formally approved and signed to indicate the official launch of the programs.
