BD100m liquidity fund deadline for large firms

MANAMA: The deadline for applying for support under BD100 million liquidity fund is January 16 for large companies and March 19 for small and medium enterprises (SMEs).

This was highlighted during a seminar by the Bahrain Chamber of Commerce and Industry (BCCI) at Beit Al Tijjar, organised to share details about the fund, the eligibility criteria, and the application process.

The fund was launched under the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, in a bid to reinvigorate businesses and revitalise the national economy.

Speaking at the seminar were representatives from the participating banks in the fund, namely the National Bank of Bahrain; Bank of Bahrain and Kuwait; Bahrain Islamic Bank; and Bahrain Development Bank, who emphasised on the purpose of launching the fund and addressed the enquiries of the participants.

The speakers also explained all details related to eligibility and the application process.

The seminar highlighted that the eligibility criteria for large companies with more than BD3m annual income varies from that for SMEs with annual income less than BD3m.

The conditions are that large companies should have been commercially active in Bahrain for the past five years; their ownership should be at least 51 per cent Bahraini; they must possess a valid commercial registration (CR), and audited financial statements for the past four years including 2018 and also have an overall positive financial standing, and a positive gross profit for three years of the past five-year-period.

Companies that meet the above conditions are eligible for up to BD1m credit, and can apply for the fund via four branches of the National Bank of Bahrain – the main branch, Seef Mall branch, Atrium branch, and Esteqlal Highway branch.

As for SMEs with annual income less than BD3m, they are eligible for up to BD250,000 credit provided they meet the criteria.

They should have been commercially active in Bahrain; the ownership should be at least 51pc Bahraini; they must have a valid commercial registration (CR), present financial statements for 2018; and reflect a positive gross profit for one year of the past three-year-period.

In addition, the SMEs should not have applied for restructuring or liquidation according to the bankruptcy law.

Small businesses that meet the conditions can apply for the fund via any of the four branches of Bahrain Development Bank at Sitra Mall; Riyadat; the Diplomatic Area; and Hidd branch.

Source: http://www.gdnonline.com/Details/726128

 

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