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Loans and grants to small enterprises in Byblos
17-5-2017
In coordination with the Mayor Assembly of Byblos and Vitas, and under the motto, ‘together towards local develoment’, Fransabank Byblos and Michel Issa Foundation for Local Development (MIF) donated grants to low-income people with the aim to build their capacities and develop their small businesses. Head of MIF, Toni Issa, said targeted groups included mainly small and underprivileged crafters and professionals who are in need of funding to expand their industries or who lack the prospects of financing. Issa noted that the above program is not restricted to distribution of loans and grants, but also covers guidance and assistance in the preparation of feasibility templates and reports. He announced that the micro-loan program will become an annual activity due to its considerable contribution to rural development. For his part, Fransabank deputy general manager, Philippe Haj, revealed that the bank is currently repaying interests for some 30 loans totaling USD 4500. The bank, Hajj said, is also paying off USD 20 thousand in loans as donation to borrowers from Jbeil district whose requests for credits have been approved. Haj drew attention to Fransabank’s investments in mini projects during 2016, amounting to nearly USD 5.97 million, as compared to USD 5.37 million in 2015. In figures, 42.4% of beneficiaries are aged (18-35 years), 40% are women, and around 460 new jobs were created, according to Haj. )Al Diyar, Al Mustaqbal, May 16, 2017(
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