Capital Bank promotes Ignite as new tool to help SMEs

AMMAN –– Capital Bank on Sunday promoted Ignite as a new training service to small- and medium-sized enterprises (SMEs).

According to executives, the service seeks to boost the sector and help Jordanian firms enter new markets. 

Haytham Kamhiyah, the bank’s general manager, explained at a press conference that Ignite will offer training to founders and directors of SMEs on strategic planning for growth, efficiency, export, marketing and preparing financial statements that would enable them to access credit. 

After selecting 15 executives representing firms that employ between 5 and 50 people, the programme will be implemented on three phases, Kamhiyah said, noting that the first phase on business development starts on April 6 till April 8. 

The second phase on boosting SMEs role and implementing strategic plans will be held in June, while the final stage on improving talents will be on August 31 to September 2. 

According to the banker, Capital Bank seeks through the programme to attract more clients and to serve the Kingdom’s economy as SMEs represent nearly 95 per cent of businesses in the country. 

The programme will be implemented in cooperation with Migrate, a Jordanian business solution company, and the Inspirational Development Group from Britain. 

Trainers will be of international reputation as they have served in large financial institutions such as Barclays Bank and HSBC, Kamhiyah remarked.   

Responding to a question on limited access to credit for SMEs, Kamhiyah said that the Central Bank of Jordan has launched a credit line for small- and medium-sized businesses that entails extending long-term financing for industrialists, the tourism sector and renewable energy investors. 

He acknowledged that SMEs still find difficulties in accessing “cheap” credit, but said that “businesses are sometimes to blame for not providing bankable documents”.

Iraqi Market 

Answering a question on the bank’s operations in Iraq and the potential for Jordanian companies in the market of the neighbouring country, Kamhiyah described Iraq as a huge market, noting that Capital Bank has eight branches in various cities.

He said the bank plans to expand its branches network there, calling on Jordanian businesspeople to enter the Iraqi market, which he said holds “large” opportunities for companies in all sectors. 

“The presence of Jordanians in Iraq is still lower than it should be, may be except for pharmaceuticals,” he said. 

There are “huge” opportunities for Jordanian construction firms in Iraq due to expansion in infrastructure projects, he added.