Mercantile performance in coronavirus fund stands at 92%
Mercantile Bank’s market share in the new Small and Medium Business Fund (2016) stands at 23%.
By JERUSALEM POST STAFFMercantile Bank seen in Ramat Hasharon.(photo credit: Wikimedia Commons)
The scope of Mercantile Bank’s performance in the state-guaranteed coronavirus fund is 92%.The fund was established in April and is intended to help bridge cash flow disparities caused by the coronavirus crisis. The fund is characterized by a rapid process for approving applications, and during the period hundreds of applications were approved in the fund’s track.Mercantile Bank’s market share in the new Small and Medium Business Fund (2016) stands at 23%.Dudi Maimon, VP and director of the Retail Division at Mercantile Bank, said: “Mercantile Bank’s share is very high relative to the bank’s share in the system, and it will work to receive additional allocations from the Knesset to continue assisting businesses by providing funding from the Coronavirus Fund.” Maimon said regarding state-guaranteed credit funds for businesses: “In addition to the Coronavirus Fund, there is another long-standing track of state-guaranteed funds – this is the” new state-guaranteed fund for small and medium-sized businesses.”“Mercantile has a financial partnership with ‘veteran pension fund members,’” which together won the state tender to operate the fund. The fund is designed to “solve the problem of credit availability for small and medium-sized businesses that do not have enough collateral,” explains Maimon.“It is important to understand that the business environment in which the business sector operates is changing, dynamic and characterized by high competition. Accordingly, businesses must be competitive, produce innovative products and use appropriate equipment and technology. All of this requires financing and banking support especially during this period.”
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