CBJ approves SMEs loan applications totaling JD380mln

The Central Bank of Jordan (CBJ) has approved 3,942 loan applications by small- and medium-sized enterprises (SMEs) as part of a major lending program the bank launched earlier during the coronavirus pandemic.

 

In a statement issued on Monday, the bank said that the total value of the applications received until July 16th stood at JD380.8 million comprising 76.2 percent of the JD500-million SMES-targeting tranche. According to the CBJ, the applications averaged JD96,600 per loan, 95 per cent of which were below JD250,000.

 

With regard to the sectorial breakdown of approved loans, the bank clarified that the wholesale and retail sector accounted for 36.5 percent, followed by the manufacturing sector at 19.8 per cent. Furthermore, 43 per cent of the loans, estimated at JD163 million, was used to finance payrolls serving more than 79,000 workers in the private sector.

 

Also, the bank extended, under its JD1.2 billion flagship “Soft Finance” program, a total of JD144 million; JD54.4 million of which was used to pay the salaries of about 38,000 workers. Accordingly, a total of 117,000 employees benefitted from both programs at a cost of JD208 million.

 

To date, the CBJ’s soft financing program helped fund around 1,272 projects at a total cost of JD915 million, which created about 12,116 new job opportunities across the Kingdom.

 

Source: Jordan News Agency

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