Rabat – The Forsa program, a state initiative to support business makers, granted funding to 11,200 Moroccan businesses, according to a statement from the Ministry of Tourism, Handicrafts and Social Economy.
“The Forsa program continues to move forward in its financing process, including the disbursement of loans which is in its final stretch,” the statement explains. The 11,200 financing agreements include 9,400 signed contracts, 5,300 transfers received by project holders and 4,100 transfers being disbursed.
To accelerate the process of transferring funds, the Moroccan Company of Tourist Engineering (SMIT), the state agency in charge of distributing funds, has mobilized seven financing institutions that cover the entire nation’s territory, the statement explains.
The weekly rate of disbursement was significantly accelerated in recent weeks to reach the funding target set out by the program.
“Currently, 1,500 project holders receive, each week, the bank transfer of their loan. All stakeholders are working hard to achieve the goal set by the program and finance 10,000 [projects] before the end of the year,” concluded the statement.
Launched in April 2022, the program initially aimed to finance and train 10,000 entrepreneurs. The state-backed program is open to Moroccans residing in the country or abroad aged between 18 and 35.
Business makers under the program can access funding of up to MAD 100,000 ($10,000) at zero interest rates, with a payback period that could extend to 10 years. It targets individuals with business ideas or business makers looking to fund expansion operations.
The selection procedure for the program goes through four stages, and selected candidates gain access to free-of-charge training programs to maximize their likelihood of market success.
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