A new step to strengthen businesses in Israel: The Knesset approved the establishment of a credit data database
The Knesset approved a new and important bill tonight in its second and third readings, aimed at establishing a credit data database for businesses in Israel. The new law is expected to change the way banks and financial institutions evaluate small and medium-sized businesses in the country.
The new database will consolidate comprehensive financial information on these businesses. The main goal is to create greater transparency, which will allow businesses to make more informed economic decisions and improve their ability to obtain credit under better terms from banks and credit companies.
Economic experts note that this move is part of the maturation process of the innovation and finance system in Israel. The ability to use data in a smart and organized way is considered a key tool in encouraging the growth of small businesses, which are the backbone of the Israeli economy.
The law is expected to come into effect in the near future, and it represents a real breakthrough for many business owners who currently struggle to obtain loans or favorable financing terms. The new system will help reduce risk for lenders, thereby increasing competition in the credit market to the benefit of both consumers and businesses.