Banque Misr and ITIDA loan for SMEs
As part of the efforts of the country to support SMEs (small and medium enterprises), The Information Technology Industry Development Agency (ITIDA) and Banque Misr signed a protocol agreement to fund SMEs in the IT sector.
The loans are under the state’s low-interest loans to SMEs. The financing for the SMEs will be through the Central Bank of Egypt’s (CBE) initiative at an interest rate of 5% to the companies that are registered in the ITIDA’s database.
The bank will prioritize startups and smaller companies to get the financing.
Also, Banque Misr’s SMEs portfolio served 151,000 clients, accounting for 20% of the bank’s total credit portfolio.
Required documents
There’re 2 cases for the companies:
Newly emerging business
- Submit a special copy of the establishment’s articles of association.
- Copy of the project ownership document or lease contract. Presenting a recent extract of the commercial register.
- Submit a copy of the tax card in addition to the insurance position.
- Submit a copy of the activity license.
- Submit an opening budget for the project.
Running business
- Submit a copy of the Memorandum of Association of the establishment or institution that will be funded.
- A commercial extract must be submitted, and it must be recent.
- Submit a copy of the tax card. A copy of the activity license must also be presented, and this image can be presented and is temporary, or a final license or even the licensing procedures can proceed.
- Submit confirmation of the tax position in addition to the insurance position. An image confirming the ownership or rental of the project is also provided.
- Submit budgets and be from the start of the project, until 3 company budgets are presented.
In both cases, the financial modeling and feasibility study are required to apply for the 5% loan. As it’s very important for the bank to know how you’ll manage the cash.
Why SME Consulting?
We in SME Consulting will help you to build a strong and structured financial model and feasibility study that will help your business to grow and be managed successfully.
If you want to know more details, Contact us NOW.
