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Morocco’s government-backed Forsa program is expanding its reach to help more entrepreneurs get the financing they need to start or grow their businesses. The Ministry of Industry, Trade, and Green and Digital Economy made this significant announcement, highlighting the program’s dedication to fostering a conducive environment for business development.
The program has already helped over 21,000 entrepreneurs, including 76% of young people and 32% of women. The Moroccan Society for Tourist Engineering (SMIT) has solidified this initiative through groundbreaking agreements with two influential financial entities: Crédit Agricole du Maroc and Al Barid Bank. These partnerships are poised to empower 1,700 eligible Forsa candidates to transform their entrepreneurial dreams into reality, according to official sources. The Forsa program, which was launched in 2022, provides training, mentorship, and financing to aspiring entrepreneurs.
The new financing partnership with two Moroccan banks, Crédit Agricole du Maroc and Al Barid Bank will make it easier for Forsa-eligible entrepreneurs to access loans. The loans will be available to entrepreneurs who have completed the Forsa Academy training program and have been approved by a financing committee. The successful candidates could secure loans of up to USD 10,000 at preferential interest rates ranging from 1.75% to 2%, depending on the project initiator’s location. The repayment period extends up to seven years, with a two-year grace period, providing beneficiaries with a serene launchpad for their ventures.
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Ongoing negotiations with additional banking institutions aim to expand the reach of this initiative to accommodate more Forsa candidates. The eligible Forsa project initiators, having completed the rigorous Forsa Academy entrepreneurship training, received personalized guidance and successfully navigated the financing commission stage.
