A new business finance venture has started operations in Jordan to offer accessible and competitive financing to small and medium-sized enterprises in the country – one of the first in the Kingdom dedicated to funding SMEs.
Sanadcom for Business Finance (Sanadcom) is now fully operational, having secured the entry of Jordan’s Microfund for Women (MfW) and Bahrain’s GMS Ventures and Investments as anchor investors, with additional equity funding and support from the SANAD Fund for MSME (SANAD) and Women's World Banking Capital Partners, LP (WWBCP), as strategic international investors.
Sanadcom was established to offer accessible, transparent and competitive financing for SMEs in Jordan to help alleviate poverty, empower entrepreneurs, particularly women, and to foster job creation in Jordan.
Under the leadership of Raed Qafiti, a seasoned SME finance executive, Sanadcom has built up an impressive portfolio with almost 400 active clients (of whom 20% are women), with loans ranging in size from JOD 10,000 to JOD 75,000 (approx. US$15,000-100,000), and is set to emerge as a premier lender in this sector.
Sanadcom seeks to reflect its gender-diverse client base in its own operations, with women making up 53% of loan officers and representing 25% of the senior management team.
Commenting on the launch, Sanadcom Chairman Ghiath Sukhtian said, “We at Sanadcom are driven by our belief in the importance of the SME sector in building Jordan's economy, reducing unemployment and driving overall growth. By providing modern financing products that meet the ambitious and growing needs of the sector, we aspire to uphold our strong social mission, empower entrepreneurs with a focus on women, and create job opportunities in Jordan whilst generating sustainable returns.”
Established in 2011, the SANAD Fund for MSMEs finances micro, small and medium enterprises and low-income households in the Middle East and North Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD’s investors include the KfW Development Bank and the European Union.