Manama: Mahmood Rafique, Editor: The National Bank of Bahrain on Wednesday announced the launch of “Tamweel Al Watani”, a new lending scheme offering up to BD100,000 finances for one to five years period.
Starting from the May 5th, the initiative aims to support locally owned businesses with fast track approval of the application of loan in a week’s time.
The initiative is another step in NBB’s ongoing endeavors towards becoming a more responsible organization, reflecting the Bank’s long term commitment towards the community in which it operates to enrich the lives of generations.
The new financing plan further empowers SMEs, aiding them in their sustainability goals, while simultaneously improving cash flow positions across the Kingdom. And to further support to the Kingdom’s integral SME sector, the Bank is providing an easier application process and quick turnaround for applicants of this lending scheme.
As part of the new scheme, small and medium businesses can be eligible for up to BHD 100,000 in facilities, with repayment plans up to 5 years. Businesses have to meet certain eligibility requirements to qualify for the new scheme, including meeting the Ministry of Industry, Commerce & Tourism’s (MOICT) Small and Medium Enterprises (SME) definition and preferably hold the MOICT issued SME classification certificate.
“We are pleased to announce the new lending scheme for small and medium enterprises. The pandemic had a significant impact on the economy, and many efforts have been made to ensure its long-term survival. In line with His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister’s vision and directions to support small and medium business owners, our new scheme is introduced to play an integral part in the continuous efforts towards the revival and sustainable development of our local market in the near future,” Arif Janahi, Head of Commercial and SMEs at NBB, said.
“At the Bank, we are working with our clients to overcome the impacts of the pandemic on the economy. We always try to introduce inclusive solutions with more ease, aimed to help SME’s sustainable development. Locally owned small and medium businesses are an important pillar of the economy and our goal with the new scheme is to provide the required support to viable SME businesses,” Eyad Ebrahim, Head of Business Management for Commercial and SMEs at NBB, added.
