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The Fund is intended for business owners, who are customers of all bank: it grants loans on attractive terms, with a collateral requirement of only 25%. The loans are granted for amounts from NIS 300,000 to NIS 1 million, at an interest rate of Prime + 1.9% per year, with a repayment period of up to five years and an option to defer payments (Grace) for up to one year
The loan process is carried out through an external credit committee (the customer selects one of five companies) and is submitted to the branch for approval. The Fund is intended for small businesses, corporations and licensed dealers, with a turnover of between NIS 1 million and NIS 10 million a year, and a bank indebtedness of up to NIS 5 million. The Fund is primarily intended for businesses with at least one year of existence – but in special cases businesses in the set-up stage may also apply.
Rakefet Russak Aminoach, Leumi President & CEO: "The launching of ‘Leumi Business Fund’ is in accordance with Leumi’s view that SME’s are the core of the economy and its key growth engine. The Fund, totaling NIS 3 billion, will allow credit to be granted on a fast track and at preferential terms. We believe that this move – in addition to its contribution to customers – will also contribute to the entire Israeli economy by encouraging growth and increasing competitiveness."
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