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Monday 12 December 2022

The Housing Bank signs “Fast Track Guarantee Agreement” with Jordan Loan Guarantee Corporation to support SMEs


The Housing Bank - the most widespread bank across Jordan  - and the Jordan Loan Guarantee Corporation signed a loan guarantee agreement, to ensure that the loans granted by the Housing Bank for SMEs are low risk. The agreement was signed at the bank's headquarters in Shemisani.

The agreement was signed by Ammar Al-Safadi, the CEO of the Housing Bank, and Dr. Mohamed al-Jafari, the Director General of the Jordan Loan Guarantee Corporation, in the presence of a number of senior officials from both sides.

The agreement aims to cover the risks of SME loans from Housing Bank clients by granting them short-term loans with a maximum limit of 200,000 JOD for up to 24 months to finance their purchases. These loans are granted and can be used within 3 working days.

The signing of this agreement reflects the bank's interest in developing SME businesses and expanding its growing customer base, as well as providing them with financing solutions on simple terms and conditions and banking services that meet their needs as quickly as possible.

After signing the agreement, Housing Bank CEO, Ammar Al-Safadi, said: “Today we are pleased to renew our cooperation with the Jordan Loan Guarantee Corporation and to work together to support the SME sector, which has proven over the past few years its great importance for its role in creating new job opportunities, reducing poverty and unemployment, in addition to its significant contribution to achieving economic development, as we, at the Housing Bank, are always keen to support this vital sector by launching financing products and banking services that meet its needs, thus ensuring it remains prosperous.”

Al-Safadi expressed pride in increasing the Housing Bank's cooperation with the Jordan Loan Guarantee Corporation, which has worked since its founding to improve opportunities for SMEs to obtain appropriate credit, as well as to provide the necessary guarantee to finance these businesses. This agreement between the two parties reflects the Housing Bank's ongoing desire to provide the best for its customers.

Director General of the Jordan Loan Guarantee Corporation, Dr. Mohamed al-Jafari, expressed his appreciation to the Housing Bank for Trade and Finance, which has always been the first to support SMEs.

He stated that the agreement aims to mitigate the risks of nonpayment of loans and financing granted by the Housing Bank to SMEs, and that it will improve the level of financing services it provides to this sector while also working to improve its performance in order to meet the challenges it faces. The 'fast track' guarantee program is aimed at SME customers with sales of less than 5 million JOD from customers in the commercial, industrial, and service sectors.

The signing of the agreement complements the corporation's role in facilitating financing, growing job opportunities, and contributing to economic development by appealing loans within this program to finance working capital, SMEs customers' purchases, or increasing their productive efficiency, so that the Jordan Loan Guarantee Corporation guarantees loans submitted to this segment in accordance with the provisions of this agreement and its appendices.

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