unemployed youth funding projects

Estimated Time:

15 days after the completion of documents and feasibility study.

Location:
  1. The Fund`s main Center- Public Service room and all Fund`s branches in governorates.
  2. The south branch- Al-Karak governorate- Al-Marj.
  3. The North branch-Irbid governorate-the new Amman travel station- opposite to Masaya Wedding Hall.
  4. The mobile units for the northern and southern governorates as per the attached program schedule.
  5. The National Information Center Knowledge Stations in all governorates.
  6. The Civil Service Bureau- The DEF`s office.
  7. Loan offices in all governorates.
  8. Loan offices in Al-Jiza district, Northern Badia in Mafrak governorate and Al-Husseinya area in Ma`an.

 

Dear Borrower,

For a better service, please follow the following instructions when visiting the Fund`s office:

  1. Get an electronic number when entering the Public Service Office and choose the required service.
  2. Waiting seats are available till your number is displayed on the counter for the service required and mentioned by an automated call.
  3. The borrower applies to the employee for the required service.
  4. In case of any help, go to the Public Service receptionist.

Po Box (922708) Amman (11192) Jordan-  Tel. 4618851 Fax 4618845. You can contact the Public Service on (4618458)-The north branch (027102065)- The south branch (032341069)

Estimated Fee:

A fee of (5) JD to be paid before signing the agreement.

1
  • Description
  • Procedures
  • Required Documents
  • Persons benefiting from the service
  • Files
  • Related Services

Conditions for obtaining service

First:

General conditions and criteria regarding borrowers:

1. The borrower must be a Jordanian.

2. Must be unemployed and lacks a project of his own.

3. Having the appropriate qualifications and practice (One of the scientific certificates mentioned above).

4. Must be between 18- 40 years old.

5. The financing ceiling (15000) JD dinars according to the feasibility study.

6. The Islamic cost –plus (3%) and a grace period of (12) months as of the date of signing the agreement. A repayment period of (8) years.

Second:

General conditions and criteria regarding the project:

1. The project shall be productive and economically feasible in the following areas: (industry, craftsmanship, service, commerce, tourism, agro-industrial).

2. Must be an income-generating project employing Jordanians.

3. Conducting a feasibility study of the project by Irada Center.

Notes

Purposes of the finance:

Providing the necessary finance to alleviate the unemployed income level (holders of university and community colleges degrees as well as professional degrees) in the Badia region and Tafila, Mafraq, Ajloun, Karak, Al-Balqa`, Ma`daba, Jarash governorates as well as the Ghors region with a finance ceiling of (15) thousand JD dinars.

A 30% of the finance value is returned to the borrower in case his project proves sustainability for a period no less than 3 years as an incentive.

Partner institutions:

  • Departments and entities where the guarantor/ guarantors work.
  • Enhanced productivity centers ( Irada) if the funding exceeds 7000 JD dinars.
  • The Department of Lands and Survey if the real estate is pledged as a security.
  • The Social Security Corporation.
  • The Ministry of Industry, Trade and Supply or its departments in the various governorates.
  • Greater Amman Municipality, municipalities.
  • Trade banks

Procedures

  1. Visiting one of the Fund`s branches and meeting one of the Credit`s officers.
  2. The credit officer presents all information on loan conditions and mechanism, required securities and the nature of projects financed by the Fund.
  3. After agreeing upon the kind of project and nature of guaranties, the applicant is given a list showing all requirements and a letter to the Enhanced Productivity Center (Irada) according to the project`s site in case the required financing exceeds 7000 JD dinars, and a query form to be signed by ( The Social Security Corporation, the Ministry of Industry, Trade and Supply or its  directorates in the various governorates, the Greater Amman municipality, municipalities) according to the project area.
  4. After the completion of all documents, the applicant visits the branch and submits documents and forms to the credit officer.
  5. The credit officer verifies all documents and in case these are complete, the loan request application form is filled, signed and inserted in the Electronic Loan System.
  6. Allocating a time to visit the project site and check its readiness.
  7. The credit officer executes a visit to the project site and prepares an evaluation study of the project.
  8. Transferring the file to the Central Loan Committee.
  9. The Central Loan Committee revises the application.
  10. In case of approval by the Committee, the file is re-sent to the concerned branch to sign the agreement by the borrower, guarantor.
  11. The applicant is provided with a card to pay the service fees in the approved banks in all branches except for the General Administration where fees are paid to the teller.
  12. The applicant submits the deposit receipt or the receipt voucher to the credit officer.
  13. Signing the agreement and its annexes by the borrower and guarantors.
  14. The borrower is given a copy of the purchase commitment letter in the case of a cost-plus order of purchase.
  15. The borrower receives the material of the quotations from the provider/ providers and notifies the Fund about it.
  16. Visiting the borrower`s project site to verify on the material.
  17. The disbursement officer drafts a visit report to the project`s site for disbursement purposes.

-For the provider in the case of financing through a cost-plus order of purchase.

- For the family guarantor in the case of financing through a valid power of attorney after presenting invoices with the value of the disbursed installment.

Required Documents

First: Required documents for application:

  1. An endorsed copy of the borrower and guarantor`s ID card.
  2. An expertise certificate endorsed from the Labor office or a scientific certificate for projects requiring that.
  3. A professions practicing license from the Vocational Training Corporation for occupations that require a license such as (carpenter, blacksmith, barber,).
  4. An initial lease contract for the project`s site.
  5. An ownership deed in case of estate pledge and an assessment letter from the Department of Lands and Survey or an approved surveyor.
  6. The last electricity bill of the borrower`s household.
  7. Initial approvals for projects requiring that from competent parties (beauty salons,
  8. Internet cafes, nurseries,).
  9. Quotations of the material to be financed addressing the Fund in the case of financing through the cost-plus order of purchase from a competent provider.
  10. A copy of the professions License of the provider and the trade registry in the case of financing through the cost-plus order of purchase.
  11. An original statement of salary for the guarantor/ guarantors.
  12. A deduction letter from the entity where the guarantor works.

Second: Required documents after the approval of the Loan Committee to sign the agreement:

  1. A lease contract endorsed by the municipality or the Greater Amman municipality according to the project area.
  2. An endorsed copy of the trade registry.
  3. An endorsed copy of the Professions license.
  4. The pledge letter/ for estate security.
  5. Any other conditions required by the Loan Committee.

Persons benefiting from the service

Borrowers and guarantors.

Files

No Found Files

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