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Women’s experience in borrowing to set up SMEs
15-11-2017
In a special feature on the Lebanese small and medium enterprises (SMEs), Al Akhbar newspaper highlighted the vital role played by SMEs in economic development and the creation of jobs across all the sectors which explains the keenness shown by local banks to support them. In this respect, the newspaper showcased the experiences of three Lebanese women who used loans provided by banks to this end. Roula Dfuni, contemporary jewelry designer, told Al Akhbar that with the start of her career she resorted to a small loan, as financing is associated with debt and not reinforced by the bank. She wanted to develop her handcrafted jewelry business in the local market, launch her own enterprise and eventually expand abroad, Dfuni said, adding that she could not open a shop due to its high cost, nor did she seek financing for fear of not being able to pay off the debt. Dfouni revealed that banks alleged investment in youth potentials is not true. On the contrary, they focus more on the fast-paced technology sector targeting companies that can generate big profits. For her part, Rana Chmaitelli, CEO of an engineering venture, disclosed that she did not seek support from the bank, instead, she was approached after her company started making financial gains. On the other hand, a restaurant owner, Aline Kamakian, said the bank loan helped her expand the business, noting that conditions governing access to loans were not unreasonable, but they were not easy either, particularly in terms of requirements to be met. Meanwhile, on the strength of SMEs and challenges they face, Al Akhbar spoke to the international stock market expert, Jihad Hakim, who confirmed that Lebanon’s economy basically relies on SMEs. The chief economist at Byblos Bank Group, Nassib Ghobril, on the other hand, told Al Akhbar that the majority of companies embraced by the national economy in Lebanon, whether large or small and medium-sized, share the same problems and hitches. These include, the operational burdens, poor infrastructure, administrative procedures, poor public services, the lack of a long-term vision and a feasible strategy to attract direct foreign investments. (To read full article about SMEs in Arabic, please check: http://www.al-akhbar.com/node/286045) (Al Akhbar, November 9, 2017)
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Friday, October 9, 2015
Collective for Research and Training on Development - Action (CRTD.A)