JEDCO launches program to support Services SMEs

The Jordan Enterprise Development Corporation (JEDCO) on Sunday launched a program to enhance Services SMEs to export for the first time with a total cost of JD 625.000 and a total investment of JD1.250 million.

 

In a press statement, JEDCO’s CEO, Bashar Zoubi, said the commercial and services sector is an important partner, and an essential feature of the national economy, as this sector contributes 54.5% of Jordan’s gross domestic product (GDP).

 

Zoubi added that the main objective of “Supporting Service SMEs to Export for the First Time” program is to expand the base of exporters, increase exports rates and open new export markets, according to the governments’ priorities, as this is the third program that targets the Jordanian service sector during the years 2019-2020.

 

Zoubi pointed out that the program, which will start receiving applications today, aims to support 25 local SMEs, which haven’t previously exported, or its exports did not exceed JD 30.000 and its total revenues JD 70.000 during any of the previous three years.

 

The beneficiary businesses should be operating in the tourism and hospitality sectors, administrative, financial and legal consulting, training, and health and care, engineering and architecture services and information technology countrywide, he noted.

 

The program will offer financial and technical grants to build the administrative and production capacities to enhance exporting. The value of the grant does not exceed JD25 thousand, of which 60% support production capabilities, while the maximum contribution to the program reaches 50% of the total costs eligible for an investment of no more than JD 50,000, the statement pointed out.

 

Zoubi stressed out that the program is expected to enhance confidence in the local service product internally and externally, explore and export services to new markets, implement a group of B2B sectorial missions and network with export support bodies, increase the added value of products and services to beneficiary companies and increase the number of jobs by 100.

 

Zoubi indicated that JEDCO will form ad hoc committees for the initial administrative evaluation to ensure that the submitted applications are evaluated with complete transparency, which will then be assessed administratively and technically, adding that the top 60 applications will be invited to attend specialized training on preparing export plans.

 

The companies, which have passed the administrative assessment , will be invited to submit applications for the second stage, along with an export plan and the project budget, which will then be subject to the second stage of technical evaluation, he added.

 

JEDCO will make field visits to companies that passed this stage and then choose the best 25 companies to benefit from the grant.

 

Zoubi said that JEDCO will implement virtual information sessions with some Jordan’s chambers of commerce and specialized sectorial associations during the coming days, to introduce the mechanism of applying for technical and financial support from the program and respond to inquiries.

 

JEDCO is the national umbrella for economic enterprise development in Jordan, inclusive of startups and entrepreneurships. JEDCO supports the developments of these enterprises and strengthens their competitiveness, in addition to facilitating access to financing. It also seeks to promote and enable policies that create a more suitable environment for their growth.

 

Source: Jordan News Agency

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