CBS gives SYP 400 million loans for Small and Medium Enterprises Financing Program

Based on the decisions of the government to support small and medium-sized enterprises, the Commercial Bank of Syria officially launched on August 9th the program for financing these projects. 

 

The program consists of several banking products with simple subsidized interests, as applications begin to be submitted to the bank’s branches. 

 

According to the program, the bank offers loans for small and medium projects by reducing interest at a rate of 2%, while the Small and Medium Enterprises Development Authority, according to the government program, offers  7%, meaning that projects bear a simple interest of 4% on the decreasing balance of the loan annually. 

 

The small and medium-sized enterprises currently supported within the program are “production of requirements and equipment for renewable energy components, dairy factories, cheese and milk derivatives, projects for the manufacture of threads, automated weaving, fabrics, dyestuffs, factories for the manufacture of threads and knitted fabrics, construction, operation and restoration of facilities for the automatic textile industry, knitting, carpets, rugs, electrical and electronic industries, manufacturing of lighting devices. 

 

The Local Production and Export Support Authority suggested that a number of projects be included in the subsidy, namely “alternative energy generation, olive mills, factories (plastic, pipes, shoes, ready-made clothes, packaging of agricultural products and fodder) and handicraft industries,” which are currently supported at a reduced interest rate by the Commercial Bank only. 

 

O. al-Mohammad