Bank of Palestine dedicates 200 million dollars to finance small and medium-sized enterprises and business development services
18 | 8 | 2015
Bank of Palestine announced dedicating the amount of 200 million dollars to finance small and medium-sized enterprises and business development services. This was announced through a major campaign launched by the Bank, aiming to advance new and established small and medium-sized enterprises, considering these enterprises as the primary engine to the Palestinian economy that contribute to the reduction of unemployment in the Palestinian society.
Through this campaign, the Bank aims to encourage the owners of established enterprises to expand, grow and develop, and urge people with economic ideas to transform their ideas to reality, by starting with the projects they are planning to implement, to contribute in the advancement of the economy through financing provided by Bank of Palestine.
The program provides its beneficiaries with all types of credit facilitations for the owners of small projects and enterprises, such as commercial stores, all types of work-shops, restaurants, beauty salons, kindergartens, factories, hotels, commercial centers, agricultural projects, craftworks and others. The Bank provides financing of working capital, including merchandise and raw material, and fixed assets, including, machines, equipment, commercial transportation and production lines. Percentage of financing reaches up to 85% of the merchandise and fixed asset of an enterprise, with a repayment period up to seven years and with affordable guarantees and terms.
Additionally, the Bank provides a business development package, which is based on the provision of financial consultations to small and medium-sized enterprises through an online platform under the name of “Business Development Services” included in the Bank’s website, in order to provide the enterprises and the business owners with forms, tips and articles that they can benefit from in various fields, including strategic planning, marketing, human resource management and others.
Mr. Hashim Shawa, Chairman and General Manager of Bank of Palestine, confirmed that this campaign is launched due to the Bank’s vision as a major economic institution in the country, enhancing its leading role in stimulating the Palestinian economy and reducing the growing unemployment, especially under the difficult economic conditions in Palestine. He indicated that the Bank’s dedication for 200 million dollars is within the first stage of the Bank’s strategy to support these enterprises. Shawa added that the Bank provided distinguished teams that work in the field to support business owners to develop their projects, provide them with needed consultations and provide them with privileges for quick financing decision-making.
Shawa added that the Bank believes in the importance of developing small and medium-sized enterprises that generates good income to its owners, as these enterprises represent more than 90% of the components of the Palestinian economy. He indicated that the Palestinian economy is based on small and medium-sized enterprises, which employs more than 87% of the workforce in Palestine; accordingly, the Bank directed its finance towards the development of the economy, stimulation of growth and reduction of unemployment, to alleviate the recession in our economy and society.
Shawa concluded by hoping that this step contributes to push the economic developmental wheel forward and enhance the growth of the Palestinian economy, in addition to strengthening the Bank’s position as one of the most important institutions that dedicates its activities for such goals.