Small businesses are so universally recognized as a key “engine of the economy,” that that very phrase has become cliché. But the fact remains that banks prefer lending money to established organizations.
This recent Times of Israel story explores that dilemma as well as the “magic of microfinance” in helping those small businesses make it big. It also shows how one OPIC client – Koret Israel Economic Development Funds – is providing loans as small as $500 to entrepreneurs and small startup businesses in impoverished regions of Gilboa and Negev. In 2010 OPIC agreed to provide $10 million in financing to support a small business loan guaranty program run by Koret.
Read the full Times of Israel story here