Israel's Bank Hapoalim and three smaller banks will provide up to 4.25 billion shekels ($1.1 billion) for a government fund that grants credit to small and medium-sized businesses, the Industry and Trade Ministry said on Sunday. Hapoalim, Israel's largest commercial lender, and Mizrahi-Tefahot, the country's fourth-largest bank, will each supply credit of 1.4 billion shekels.
Mercantile-Discount and Bank Otsar Ha-Hayal will supply the rest, the ministry said in a statement.
Mercantile is a unit of Israel Discount Bank, Israel's third-largest bank, while Otsar Ha-Hayal is a subsidiary of the First International Bank of Israel, the fifth largest bank.
The ministry noted the amount of credit available in the fund has now risen by 40 percent from 3 billion shekels.
Companies can apply for loans guaranteed by the government's fund starting on April 4. The fund will operate for four years.
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