A new step for businesses in Israel: The Knesset approved the establishment of a credit data registry
The Knesset approved a new and important bill tonight in its second and third readings, aimed at establishing a credit data registry for businesses in Israel. The move is intended to improve financial transparency and assist the business sector in the country.
The new registry will consolidate comprehensive financial information on small and medium-sized businesses. The information will include data on the credit history and financial conduct of the businesses, with the goal of making it easier for them to obtain loans and better terms from banks and other financial institutions.
According to the government, the registry is expected to increase competition in the credit market. Currently, many small businesses find it difficult to prove their financial stability, and the new registry will allow them to present their data in an organized and accessible manner to all lending entities.
The law is expected to come into effect in the near future, following the completion of technical and legal preparations. Many business owners hope that the move will lead to lower financing costs and help them grow and develop in the challenging Israeli market.