• The Iraqi Company for Financing Small and Medium Enterprises is distinguished by being a pioneer in financing activity. It was established in accordance with the Iraqi Companies Registration Law and Iraqi founders, and with funding from a large international organization, the United States Agency for International Development, and under the supervision of a sectoral entity represented by the Central Bank of Iraq, with partial capital contributed by joint-stock banks.
  • The company combines the profit goal, which is the basis of 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 circumstances that the country is going through.
  • The company developed a work plan that included an economic feasibility study supported by numerical tables and timetables for three years, divided quarterly and on the basis of estimates based on the number of participating banks, the average loan amount, and the readiness of each bank for this unconventional activity.
  • A comprehensive work agreement has been prepared for all the details and instructions, the most important of which are the instructions for determining the loan amount and the profit margin, as well as keeping internal records and separating the fund’s account for financing small and medium enterprises from other bank accounts, regular reports, and administrative fees and how to pay them to the company.
  • Emphasizing 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 monitor.
  • Preparing and training cadres with experience in financial and credit analysis according to international principles and the use of computers and programs 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 program in particular.