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December 20, 2014 / 28 Kislev, 5775
 
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Israeli Government Seeking Bank to Manage Fund Spawning New Immigrant Businesses


Illustration image.

Illustration image.
Photo Credit: Gili Yaari/Flash90

The Accountant General division of the Israeli Ministry of Finance, and the Entrepreneurship Department at the Absorption Ministry on Monday issued a tender to choose a commercial bank that would establish and operate a fund granting credit to businesses created by new immigrants and returning residents.

This is a significant step taken by the state to aid these populations, to encourage their economic integration in the Israeli economy, as well as encourage starting new businesses or bolstering existing businesses that would create new jobs in Israel. Encouraging entrepreneurial immigrants will also contribute to their absorption into Israeli society.

The new tender is expected to bring about a significant increase in loans granted to new immigrants and returning residents.

The state will place the sum of NIS 10 million a year, 30 million over three years, at the disposal of the fund, as loan guarantees to the bank that wins the tender with an option for a period of up to three additional years. The tender will go to the bank that puts up the largest credit fund and offers the lowest interest rates to startup businesses.

Utilizing the facilities of a commercial bank will extend the number and scope of loans given out to olim and returning Israelis, and the government guarantees will enable these entrepreneurs to receive loans when other sources may not be available or affordable to them. The government will also operate a fully financed fund to be used by the bank in special cases.

The tender was formulated by an inter-ministerial tenders committee, headed by Senior Vice to the general accountant Yair Tal, and led by Absorption Ministry Director
Dimitri Apartsev.

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