The Ministry of Immigrant Absorption offers a loan fund to immigrant entrepreneurs who are interested in opening or advancing their own business.
Amount of loan - see table.
In order to receive a loan, interested parties should contact Mati. A Mati counselor will examine the feasibility of the business and accordingly prepare a business plan.
The aim of the business plan is to assist the entrepreneur in planning and running his business or defining the needs of the emerging business.
The loan approval process
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The counselor transfers the business plan and his recommendations to the committee of the Fund for the Self-Employed Immigrant.
The committee examines various aspects of the business and the entrepreneur:
- The financial profitability of the business, according to the prepared by Mati.
- Whether the entrepreneur fulfills the criteria for receiving a loan.
The amount of the loan according to the needs of the business and according to the table of loan amounts and terms.
The committee determines which guarantees and securities are required by the entrepreneur.
The entrepreneur is referred to one of the banks that deal with the Ministry of Immigrant Absorption in order to realize the loan.
The entrepreneur must present guarantees and securities as required by the committee.
Note: Assistance is given only once.
Criteria for receiving a loan
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Immigrants, immigrant citizens, returning minors and children of immigrants during their period of eligibility.
Children of immigrants will be eligible for assistance from the Fund as any other immigrant on condition that their parents sign a letter certifying to their wavering of rights to a loan. Without such a letter the children are entitled to 50% of the loan.
The entrepreneur or his/her spouse did not receive a loan from the Fund in the past.
The entrepreneur has suitable professional abilities to run a business, including a professional license when required. (Relevant professional documentation must be attached to the request).
The entrepreneur must invest private capital in the business according to the criteria in the Table of Loan Amounts and Terms.
The business plan presents personal ability and financial reasonability for the success of the business.
The business plan ensures the ability to repay the loan in the future.
The money of the loan will be used only for the uses stated in the business program or according to the approval of the Fund committee.
The loan is dependent on the approval of the relevant authorities.
The business will be the main source of income for the entrepreneur and he will work himself in the business.
Immigrants who received immigrant status up to 10 years ago.
For Ethiopian immigrants, up to 15 years since the day they received immigrant status.
Returning residents: Two years from the date of receipt of returning resident status
Assistance is given on a one-time basis.
Appeals on committee decisions
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An entrepreneur whose request was rejected may appeal to the appeals committee of the Fund, via the district entrepreneurship counselor.