Entrepreneurs who completed a four-week course on establishing small- and medium- sized enterprises (SMEs) at the Jeddah Chamber of Commerce and Industry (JCCI) are at the top of the list of applicants for loans for their projects, according to general director of the SMEs centre at JCCI.
Under an agreement signed last week between the Abdul Lateef Jamil (ALJ) Fund for Social Development and the JCCI, interest-free loans are to be made available for setting up SMEs. The ALJ Fund, which has a capital of SR100 million, is the only such fund in the Kingdom.
In order to qualify for a loan, whose ceiling is SR150, 000, the entrepreneur must identify a viable business opportunity and also present market, business, and finance plans outlining projected profit, loss and cash flow forecasts for three years. The final decision will be made by a four-member committee, composed of representatives of both ALJ and JCCI.
