The Negev and Galilee Loan Guarantee Project
In 2010, Koret Israel Economic Development Funds (KIEDF) has secured a $10m second-loss bank guarantee from the Overseas Private Investment Corporation (OPIC) to leverage nearly $150m of bank financing over 7 years. The project was launched in January 2010. 3,600 small businesses in Israel's Negev and Galilee regions will benefit. Loans of $12,500 to $300,000 will be available for small and medium sized businesses with potential for job creation. 92 loans were approved in 2010, totalling over $11m, and 81 loans were approved in the first quarter of 2011 (totalling over $11m). The Portland Trust is financially supporting this initiative.
For more information, including a video of the project's launch event, please click here.
The Galilee Loan Guarantee Programme
The Portland Trust partnered with the Koret Israel Economic Development Fund (KIEDF) and the United Jewish Israel Appeal (UJIA) in a three-year initiative, starting in 2006, to establish a loan guarantee programme for Northern Israel. The aim was to facilitate economic development and job creation. Small businesses and micro-enterprises lacking access to credit on reasonable terms were the target of the programme.
In July 2007, Eival Gilady became the Chair of KIEDF. The Portland Trust contributed $500,000 to this programme which has since attracted significant additional funding. Over the three-year period 610 loans were made, totalling $15m (NIS 57m). Approximately 3,200 jobs were created across a range of sectors including tourism and manufacturing.
By March 2009, 610 loans had been made totalling $15 million/ NIS 57 million. For a full report on the scheme please click here.
For more information on the Koret Israel Economic Development Funds (KIEDF), please visit their website or see their latest video on YouTube.
