Finance ministry to create a loan fund worth 6 billion NIS

This fund will provide businesses impacted by the coronavirus up to 8% of their yearly earnings, up to NIS 100 million.

By JERUSALEM POST STAFF
Rony Hizkiyahu 248.88 (photo credit: Ariel Jerozolimski)
Rony Hizkiyahu 248.88
(photo credit: Ariel Jerozolimski)
As the coronavirus crisis extends, the need for businesses to handle their declining revenue and secure their financial safety in order to survive, continues. 
In light of this, the Finance Ministry has decided to create a dedicated fund worth NIS 6 billion.
The fund will assist businesses with revenue from NIS 200 million and up, in fields which have fallen on hard times as a result of the coronavirus. This will allow the state of Israel to assist large businesses, whose features and credit usage are different than those of business who fall under the fund for small and medium businesses. 
Moreover  the fund allows for loans greater than the amount included in the fund. Such loans are limited to businesses earning between NIS 200 million and NIS 400 million. Those who earn between those amounts will be able to choose the fund that suits their needs. The maximum loan will stand at eight percent of their annual revenue up to NIS 100 million.
"This dedicated state guaranteed loans for big business, alongside the previous fund, will complete the ability to answer the needs of business hurt by the coronavirus" Said the Accountant general Rony Hizkiyahu.