JEDDAH, 11 January 2008 — The Jeddah Chamber of Commerce and Industry (JCCI) signed two agreements to finance two projects at a total cost of more than SR199,000 at the Jeddah Center for Development of Small Projects yesterday.
One of the beneficiaries of the agreement is Ammar Bahadhiq, who would receive a SR86,400 loan to run a sweetmeat showroom at the Al-Farsy Business Center in Jeddah. The loan would be repaid at monthly installments of SR1,800 over a period of 48 months.
According to the agreement, the loan repayment should begin four months after receiving it. While 70 percent of the loan will be given at the opening of the establishment, while the balance will be given on a suitable later date.
The second loan of SR112,848 was given to Ala Muhammad Al-Maymani who wanted to run a maintenance establishment. The repayment will be in 48 installments at a monthly rate of SR2,351.
Saleh Turki, chairman of JCCI, told Arab News that they were the seventh and eighth loans extended by JCCI.
He said the loans were given after a feasibility study conducted by the Small Establishments Development Center, a subsidiary of JCCI. The chamber stipulated that the operation of the small establishment should be owned and run 100 percent by Saudis and it should not be passed to another person. All previous loans were successfully invested, with no reported default, he said.
