Gov't launches credit plan for SME bank loans

December 21, 2011 15:35


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The Finance and Industry, Trade and Labor Ministries have approved measures to increase credit lending to small- and medium-sized businesses for the next four years, the ministries announced.

"I see the funds for credit financing on behalf of the state as an important and significant tool for breaking the glass ceiling that has trapped small and medium sized business," Finance Minister Yuval Steinitz said.

In the program, the government will provide guarantees of NIS 500 million to the country's banks. That sum should increase to NIS 2.5 billion through the banking system.

The purpose of the program is to allow small and medium-sized enterprises (SMEs) a government guarantee for businesses that are unable to acquire bank loans, thus changing the risk profile on bank lending.

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