Bahrain’s leading development finance institution, Bahrain Development Bank (BDB) has launched “tijara”, a new efficient digital banking platform for Small and Medium Enterprises (SMEs) that allows businesses to apply for loans online.
The launch is a significant step forward in the BDB’s strategy to drive digital transformation and support the growth of small businesses and startups in Bahrain by providing efficient and simple banking solutions.
According to the statement, the platform will be available to selected BDB customers at this initial phase and will be made available for all customers in the next phase which will be announced later this year and will include additional BDB products and services.
“The launch of BDB’s new platform tijara is in line with the ministry’s commitment to cut red tape, empower the SME sector, and further improve Bahrain’s business environment. The added flexibility of this service will enhance competitiveness by creating an innovative and simple process for SMEs and startups to gain access to financial services and financing.”
HE Khalid Al Rumaihi, Chairman of BDB said, “Over the years BDB has greatly contributed to fostering an environment that empowers businesses of all sizes, and as disruptive technology continues to transform industries, this platform is another step forward in Bahrain’s digital transformation journey and will continue to support economic growth in the SME sector.”
Additionally, the platform enables customers to apply for BDB’s newly established ‘Express’ loan, which is short-term financing of up to $39,797 (BHD 15,000), and track the progress of their application online.