Obtaining a loan for an existing project or development
15 working days after completion of documents and feasibility study.
Public service desk and branches of the Fund in all Governorates.
Branches of the Fund in Jeeza(Central Area),
the northern Badia in Mafraq
and the Husseiniya area in Ma'an Governorate.
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).
5 JODs as application fees, paid prior to signing the agreement.
- Required Documents
- Persons benefiting from the service
- Related Services
Conditions for obtaining service
First: General conditions and criteria related to the borrower:
- The applicant must be Jordanian.
- The applicant should own an existing enterprise and wish to develop it.
- Has appropriate academic and practical qualification.
- The age of the borrower shall not be less than (18) years and not more than (60) years.
- Financing ceiling of (15,000) thousand JODs according to economic feasibility study.
- Islamic Murabaha rate of (5%) and grace period of (3) months from the date of signing the agreement, and repayment period (6) years.
Second: General conditions and criteria related to the project:
- The project should be productive and economically feasible in the following fields: (industrial, craft, service, commercial, tourism, agricultural industry).
- The project should be income-generating and labor intensive for Jordanian labor.
• Departments and institutions where the sponsor / sponsors work.
• Productivity Enhancement Centers (IRADA) if the amount of funding exceeds JD 7,000.
• The Department of Land and Survey in case of mortgaging the property as collateral.
• Social Security Corporation.
• Ministry of Industry, Trade and Supply or its directorates in the governorates.
• Greater Amman Municipality, other municipalities.
• Commercial banks.
- Visit any branch of the fund and talk to the credit officer.
- The credit officer shall provide all information on the terms and conditions of lending and guarantees required, and types of projects eligible for financing.
- After agreeing on the type of project and required guarantees, the applicant shall be provided with a list showing all the requirements and a letter to the Productivity Enhancement Center (IRADAH), depending on the project’s site, if the financing amount exceeds 5,000 JODs for fixed assets, and 10,000 JODs to finance working capital.
- Once all documents are ready, the applicant will be directed to visit the relevant branch to submit the documents and forms to the credit officer.
- The credit officer shall verify all documents and if complete, the loan application form shall be filled-out, signed and entered into the electronic lending system.
- The credit officer shall set an appointment for an inspection visit of the site to verify its readiness.
- The credit officer shall visit the site and prepare a study on its readiness.
- The application is then transferred to the Central Loans Committee.
- The application is then presented to the Loans Committee.
- Upon approval of the Committee, the file shall be returned to the relevant branch for signing the agreement by the Borrower and the sponsor / sponsors.
- The applicant is then given a payment request card to pay the service fees at any of the partner banks.
- The applicant shall hand-over the deposit voucher or the receipt of payment to the credit officer.
- The agreement is then signed along with any annexes by the Borrower and the sponsor(s).
- The Borrower shall be handed-over a copy of the purchase commitment letter in case of Murabaha financing of the purchase order.
- The Borrower shall receive the material indicated in the price quotations by the supplier,and shall inform the Fund.
- A check disbursement visit shall be conducted to inspect the material on site.
- The disbursement officer shall prepare a report of the site visit for disbursement purposes:
- To the supplier, in case of Murabaha financing.
- To the family sponsor, in case of financing by legal power of attorney, upon submitting invoices illustrating the payments made.
First: Required documents during the application process:
- A certified copy of the civil ID of the borrower and the sponsor.
- A certified copy of the valid vocational license.
- A certified copy of the commercial registration.
- A certified lease contract of the project’s site or a certified copy of the ownership deed.
- The most recent electricity bill of the borrower’s housing.
- Original salary statement of the sponsor issued by the latter’s employer.
- A letter of salary deduction from the sponsor’s employer.
- An ownership deed in case of mortgaging real estate property.
- A price appraisal of the property by the lands and surveys department, or a licensed surveyor.
- A certified copy of the legal attorney’s ID, in case of financing by legal power of attorney.
- Price quotations of the material to be supplied; addressed to the Fund by a licensed supplier, along with copies of the vocational license and commercial registration of the supplier, in case of Murabaha financing of the purchase order.
Second: Required documents after approval by the Loans Committee:
- Mortgage letter / guarantee of real estate property.
- Any additional terms requested by the Loan Committee.
Persons benefiting from the service
Borrowers and sponsors.
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