Increasing the ceiling of credit guarantees and contracting of small industries in the country / facilitating the accreditation and issuance process

According to the public relations of the Small Industries and Industrial Towns Organization of Iran, Mohammad Hossein Moghiseh In the symposium of the staff and provincial managers of the IRA Small Industries and Industrial Towns Organization, stating that “Banks demand more than 100 percent of the customer’s collateral,” he said. “The amount of the credit guarantee is 85 percent in low-income areas and 70 percent in low-income areas. Banks will suffice.

He also announced the formation of a sub-working group to make the necessary expert decisions in the presence of members of the general assembly of the fund, including the Ministries of Silence, Economic Affairs and Finance, Cooperation, Labor and Social Welfare, Agricultural Jihad and the State Planning and Budget Organization.

Moghiseh emphasized on preventing parallel work in issuing guarantees required for small industries, and said: This fund, with the participation of Sepah Bank, has allocated 10 facilities of 5 billion Tomans for each province with the guarantee of the fund.

He continued: Sepah Bank has considered this facility for one year and only for working capital, development plan and purchase of machines.

The Chairman of the Board and Managing Director of the Small Industries Investment Guarantee Fund explained that the companies of the provincial industrial estates should introduce acceptable industrial units to the bank: The interest rate of these facilities is approved by the Monetary and Credit Council, but with the permission of the assembly. We have reduced the commission rate by 50%.

Moghiseh pointed out that we have updated the credentials and the receipt of collateral will depend on the customer’s credit rating, and based on this, a guarantee will be issued. Customers can easily enter the validation and warranty stage.

In the end, he appreciated the constructive cooperation of the small industries deputies of the Provincial Industrial Towns Company as the official representative of the Small Industries Investment Guarantee Fund to facilitate and remove barriers to the business environment of economic enterprises.