Moroccan Bank Pledges $3 Billion to Boost Small Businesses Amid Pandemic Recovery

The banking group wants to continue to support and support these companies and individuals, impacted by the health measures imposed as part of the management of the Covid-19 pandemic. The aim is to allow them to restart their activities after a phase of stoppage and slowdown in their activities.

According to the bank, these SMEs represent a real foundation of the Moroccan economy and contribute massively to the creation of value and jobs. These 30 billion are allocated for the year 2020 to 100,000 SMEs.

A new scheme, called the "Relance Offer", has also been made available by the bank after the solutions for deferring maturities, the Oxygen credit or the Auto-Entrepreneur credit, and based on the new measures issued by the Economic Monitoring Committee. According to Attijariwafa bank, merchants, craftsmen, professionals, VSEs, SMEs and large companies (LEs) can subscribe thanks to the "Relance Offer" to finance their working capital needs. This subscription will allow them "to preserve employment as much as possible and to pay their suppliers as a priority" until December 31, 2020 according to several adapted modalities.

For companies with a turnover of less than 10 million dirhams, the proposed credit is up to 10% of the turnover with a maximum of 1 million dirhams. As for those whose turnover exceeds 10 million dirhams, the credit amount can go up to 1.5 months of turnover for those operating in industry and 1 month of turnover for those in other sectors, with a ceiling of 100 million dirhams.