Bahrain’s first locally-owned bank, the National Bank of Bahrain (NBB) has launched “Tamweel Al Watani,” a new lending scheme aimed at supporting locally owned businesses.
The new funding policy enhances small and medium enterprises (SMEs) by assisting them in achieving their sustainability goals while also improving cash flow positions across the Kingdom. In addition, to support the Kingdom’s vital SME sector, the bank is making the application process easier with a quick turnaround for applicants of this lending scheme.
SMEs could be eligible for up to $265,226 in facilities under the new scheme, with repayment terms of up to 5 years.
To be eligible for the new scheme, businesses must meet certain criteria, including meeting the Ministry of Industry, Commerce & Tourism’s (MOICT) concept of an SME and ideally holding a MOICT-issued SME classification certificate.
Mr. Arif Janahi, Head of Commercial and SMEs at NBB remarked that “we are pleased to announce the new lending SMEs. 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.”
The initiative is another step in NBB’s ongoing efforts to become a more responsible company, reflecting the bank’s long-term commitment to the communities in which it works to improve the lives of generations.