Israel’s social-economic cabinet approved a proposal last week, put forward by Minister of Finance Benjamin Netanyahu and Minister of Industry Trade and Employment Ehud Olmert, to establish a fund to assist local small businesses.
"The proposed format for the establishment of the fund will significantly increase the granting of credit to small businesses, will alleviate their current difficulties and will assist their restructuring and the realization of their growth potential, while creating additional jobs," Netanyahu stated.
The fund, with a volume of 250 million new Israeli shekels ($58.2 million), will begin to operate within the coming weeks, once the two ministries set the criteria for the granting of loans. The loans will be granted to businesses through the commercial banks.
The new fund is intended to allocate significant resources to small businesses during the current recession. The fund will be enlarged, based on the actual needs of the businesses, the banks and the State, and will be instrumental in simplifying the loan-granting process, according to a ministry press release. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
