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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Learn about new lending procedures for SMEs

    Rocky
    Rocky
    Rocky
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    Posts : 280553
    Join date : 2012-12-21
    • Post n°1

    Learn about new lending procedures for SMEs Empty Learn about new lending procedures for SMEs

    Post by Rocky Tue 26 Nov 2019, 5:34 am


    Learn about new lending procedures for SMEs

    09:17 - 26/11/2019



    [You must be registered and logged in to see this link.]
    Information / Baghdad ..
    The Cabinet decided to simplify lending procedures for the initiative of the Central Bank of small and medium enterprises.
    According to the document of lending to small and medium enterprises, the Prime Minister's Office directed several banks and under the supervision of the Central Bank of Iraq to lend investors and businessmen to new and medium-sized enterprises and the re-operation and rehabilitation of stalled factories, which require the opening of external or internal credits.
    The initiative provides for financing 80 percent of the project after completion of 20 percent by the investor, the repayment period of the loan should be 10 years with periods of repayment for the first and second years, and the project should guarantee itself 75 percent of its value, in addition to not charging any fees Other than fees for opening credit.
    The loan repayment mechanism provides for: Payment of the amounts of machinery, equipment and furniture that he wishes to purchase directly to the supplier according to the enhanced invoices for purchase or the opening of documentary credits as part of the loan payment, and the payment of the lease amount directly to the landlord as part of the loan payment, if the property is rented.
    It also provides for the payment of the remaining cash for the implementation of the infrastructure of the project in accordance with the completion rates, in addition to the signing of a contract and bill of exchange with an additional 30 percent of the loan amount, and pledge the factory to the Iraqi Trade Bank with the value of the loan plus 30 percent of the loan value as collateral for the loan or the issuance of a letter of guarantee in favor of The bank is one of the banks operating in [You must be registered and logged in to see this link.] and accepted by the bank, as well as personal sponsorship, opening the borrower's account deposited by the proceeds of the project, and pledge to employ at least 80 percent of Iraqi labor in the project. Done / 25


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