A program to facilitate access to financing
Launched in 2019 in execution of the Very High Royal Instructions aimed at further supporting Very Small, Small and Medium-Sized Enterprises (TPME), the framework of the Integrated Business Support and Financing Program (PIAFE also known as Intelaka) is reaching cruising speed. . The figures are instructive. The credits granted under the “Intelaka” program totaled at the end of April 2022, 6 billion dirhams for a total number of 44,695 credits for the benefit of 28,665 companies, or 94% of the objective set which was 13,500 per year, according to the Ministry of Economy and Finance. Similarly, the financing mobilized under this program should, according to the same source, make it possible to generate investments for an overall envelope of 13.7 billion dirhams and contribute to the creation of 97,000 direct jobs, i.e. 159% of the objective which is 27,000 per year.
Structured around three main areas, this program aims to finance entrepreneurship, coordinate support and support actions for entrepreneurship at the regional level and guarantee the financial inclusion of rural populations. “Intelaka” includes several measures intended to contain and overcome the difficulties that hinder access to financing for young project leaders and very small and small businesses.
The program covers two guarantee products and a financing product with preferential rates. In this sense, Damane Intelak provides a guarantee of 80% of the credit capped at 1.2 million dirhams. This financing, which can be an investment or operating credit, is granted at a fixed rate of 2%. The second guarantee product is none other than “Damane Intelak Al Moustatmir Al Qaraoui”, reserved for the rural world. This product provides an 80% credit guarantee capped at 1.2 million dirhams. It is also granted at a fixed rate of 1.75%.
In addition, the “Start TPE” financing product is intended to finance working capital needs linked to medium and long-term bank loans of a maximum of 300,000 dirhams, guaranteed by one of the first two products. It consists of an honor loan of 50,000 dirhams granted without interest or security requirements, repayable in one installment following a maximum five-year franchise. Officials intend to continue the same efforts over the next few years. It should be noted that the Sovereign had given his High Instructions for the Hassan II Fund to make available to the Support Fund for the financing of entrepreneurship an amount of 2 billion DH without interest, intended for the rural world, i.e. a quarter of the total amount of the fund, with a view to obtaining even more preferential rates for this segment.
Similarly, the Sovereign strongly expressed the wish that the bank interest rate not exceed 2%, so that this program is realistic and has a positive impact on the populations and categories targeted. It is in response to the wishes of the Sovereign that the banking sector capped the interest rate at 2%, which represents the lowest rate ever applied in Morocco. With regard to the rural world in particular, the ceiling will be 1.75%, despite the higher “credit risk” due to the narrowness of the market, sensitivity to the vagaries of the weather and strong variations in the prices of agricultural products; a measure that will promote the more rapid emergence of a rural middle class.
It should be noted that the Intelaka program includes several measures intended to contain and overcome the difficulties that hinder access to financing for young project leaders and very small and small businesses. More concretely still, under this programme, a special appropriation account “Support fund for the financing of entrepreneurship” was created within the framework of the 2020 Finance Act. has an envelope of 6 billion dirhams spread over a period of 3 years, financed equally by the State and the banking sector. This fund, which mobilizes significant financial resources, mainly benefits young project leaders and small and medium-sized enterprises in order to enable them to access financing.
