Does the ICBG guarantee loans for start-up business?
Start up businesses are included in the ICBG loan guarantee program. What are the eligibility criteria governing an SME borrower? Borrowers must satisfy the following: Be citizens of the Republic of Iraq and between the ages of 21 and 65. May be sole proprietorships, partnerships, limited liability companies, or joint stock companies. Enterprises must be registered with the appropriate Iraqi government authorities. The borrower must have at least 2 full time employees and not more than 29 full time employees. The borrower must not be a subsidiary of, or affiliated through common ownership with, a company or branch of an enterprise that has more than 250 employees, nor can the enterprise hold a majority stake in larger companies. Have not defaulted under any payment obligation to financial institutions or other creditors. Owners and managers may not be related to members of the bank’s board of directors or senior management. What are the interest rates chargeable on ICBG guaranteed loan