Improving Access to Funding for Small and Medium- Sized Companies
Small and medium enterprises represent one of the most important pillars of the economy in most countries of the world, and one of the most important fields in creating job opportunities, where such projects make up about 95% of the total companies in the vast majority of countries in the world, and they provide between 40 to 60% of the total job opportunities. Therefore, enhancing the access of small or medium- sized companies to funding with appropriate costs and maturities is considered one of the key aspects to promote financial inclusion. Under the Central Bank of Jordan’s (CBJ) keenness to support micro, small, and medium sized companies (MSME's) and for the pivotal role of such companies in supporting economic growth, reducing unemployment, and fighting poverty; the CBJ, since 2013 and in cooperation with related ministries as well as international and regional financing institutions, has mobilized funding for the small and medium- sized companies sector at competitive interest rates and appropriate maturities, in addition to guaranteeing granted loans. Moreover, the CBJ has offered financing programs directed to industry, tourism, renewable energy, agriculture and information technology sectors (including small and medium-sized companies). It has also made numerous government initiatives such as the establishment of development programs and funds as this has a great effect in promoting financial inclusion.