Meet the Renewal Fund! That salutes small business owners from all over the country

?Business owner

Mercantile gives you financial backing that will strengthen you on your path to business renewal and growth. Now that you're back to your routine, it's time to take out a loan on the best terms available especially for you! Mercantile's Renewal Fund allows you to receive a new loan - for customers of all banks.

• Business renewal loan of up to NIS 1 million
• You may start repaying after 9 months
• Spreading over a period of up to 96 installments

Loan details:

Loan amount - up to NIS 1 million per borrower, and up to 80% of the investment cost, whichever is lower. (Subject to proof of equity for the remaining investment amount).

Loan period - up to 8 years.

Origination fee - 0.5% of the loan amount, or NIS 500, whichever is lower. (Subject to the Bank's tariff).

Grace on the principal - up to 9 months.

Collateral required

• For every loan - personal guarantees from the business owners
• For loans up to NIS 250,000 - to the extent that equipment subject to lien is financed, the financed equipment will be pledged. If not, liquid collateral (deposit, savings plan, securities, or bank guarantee) equal to 15% of the loan amount will be required, and its source must not be the loan proceeds. Alternatively - personal guarantees for a specific loan by two additional guarantors (other than the business owners/shareholders or spouses) to the Bank’s satisfaction will be accepted
• For loans over NIS 250,000 - to the extent that equipment subject to lien is financed, the financed equipment will be pledged. If not, liquid collateral (as detailed above) or other material collateral - at a rate of 25% - will be required

Eligibility requirements

• Companies and dealers, as applicable, with an annual turnover of up to NIS 25 million - checking the turnover according to an audited annual statement for 2023.
• The business began operations before December 2022, and its cumulative turnover from the date of its establishment until that date (December 2022) exceeds NIS 300 million.

Comments

The validity of the fund - until 31.12.25, the above does not exhaust the requirements and conditions required by the Bank, the granting of credit is subject to the Bank's discretion, it should be emphasized that the above does not constitute any obligation on the part of the Bank to grant credit, the Bank may change the terms from time to time and without prior notice, subject to the Bank's procedures and any law, complete and binding details are available at the branches, failure to repay the loan may bear late payment interest and execution procedures.

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