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Financing charities and cooperatives

Estimated Time:

15 working days if all documents and feasibility study are available.

Location:

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).

Estimated Fee:

5 JDs

Conditions for obtaining service

The association shall be legally registered.
The purposes of the association shall include one of the following:

Contribute to reducing poverty and unemployment.
Economic and social development.

The project should serve the previous purposes.
The finance ceiling is up to 15 thousand JDs maximum and disbursement is made in installments.
Murabaha rate is (3%). The grace period is (6) months from the date of signing the agreement and the repayment tenure is (8) years, including the grace period.
The project should be productive and in line with the objectives of the program of enhancing economic and social productivity as well as government policies in general.
The charity or cooperative has the institutional capacity to manage and operate productive projects (in terms of members, staff, office equipment, etc.).
The age of the charity or cooperative shall not be less than six months at the date of submitting the application.
Members shall not be less than 30 persons.
Members paying the annual subscription shall not be less than (20) members of the General Assembly.
The charity or cooperative shall have a headquarters through which it operates (whether rented or owned).

Notes

The charity or cooperative is obliged to furnish the Fund with data and information on the project and periodically upon request.
The Fund shall have the right to monitor funded projects in the field and to access the accounting and financial books.
The administrative or project management board shall be subject to training courses to build their institutional and technical capacities in the area of project management, bookkeeping and accounts management, in line with the type of the financed project.
The juridical guarantee of the charity or cooperative should be accepted.
Any other guarantees required by the Loan Committee.
Having personal sponsors for members of the committee formed to manage the project financed by the fund.

*** Financing projects of charities and cooperatives is in the amount of (15) thousand JDs as a maximum, and disbursement is made in installments;and against deliverables in the project .

Partner institutions:

Depending on the decision of the Central loans Committee.

Procedures

Visit a branch of the Fund and submit a request for funding/financing to the lending officer responsible for the associations.
The Lending Officer shall provide all information on the terms and mechanism of lending and required guarantees, as well as information on the types of fundable projects.
The lending officer shall pay a field visit to conduct the evaluation study.
After agreeing on the type of project and the nature of guarantees, the applicant will be provided with a list of requirements and a letter to the Center for Enhancing Productivity according to the project location.
The charity or cooperative shall submit all documents.
The application is then entered into the system and the visit is scheduled.
Prepare the visit report and submit the request to the loan committee designated for charities / cooperatives.
The application is presented to the Loan Committee.
In case of approval by the Committee, the file shall be transferred to have the agreement signed by the parties’ authorized signatories.
Signing the agreement and its annexes by the charity/cooperative and the sponsors.
The authorized signatories are given copies of the purchase commitment letters.
The charity/cooperative shall receive the materials contained in the quotations by the supplier / suppliers and inform the Fund on the receipt of the materials.
A check disbursement visit is paid to inspect the materials on site.