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The Iraqi Company for Financing Small and Medium Enterprises is distinguished by being a pioneer in financing activity. It was established under the Iraqi Companies Registration Law and Iraqi founders, with funding from a large international organization, the United States Agency for International Development, and under the supervision of a sectoral body represented by the Central Bank of Iraq, and with partial capital contributed by the participating banks.
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The company combines the profit goal, which is the basis for the establishment and success of companies in general, and the societal aspect, by granting loans to owners of small and medium enterprises and disadvantaged groups whose businesses have been disrupted due to the force majeure conditions that the country is going through.
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The company developed a work plan that included an economic feasibility study supported by digital tables and timings for three years divided on a quarterly basis and on the basis of estimations based on the number of participating banks, the average loan amount, and the willingness of each bank for this unconventional activity.
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A comprehensive work agreement has been prepared for all the details and instructions, the most important of which are the guidelines for determining the loan amount and the profit margin, As well as keeping internal records, separating the fund’s account to finance small and medium enterprises from other bank accounts, regular reports, administrative fees, and how to pay them to the company.
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Emphasis on the flow of information in a way that enables officials to know the level of performance and the strengths and weaknesses of implementation through monthly reports that are sent electronically and under the control of the program observer.
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Preparing and training cadres with experience in financial and credit analysis according to international principles and the use of computers and software, because this work requires scientific competencies and people who can be relied upon, due to the seriousness of working in this banking service and this particular program.
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