Bahrain's Liquidity Fund closes loan applications for large firms

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MANAMA: The Liquidity Support Fund yesterday closed applications for large enterprises with an annual income above BD3 million, with the application window for small and medium enterprises (SMEs) remaining open until March 19.

The BD100m Liquidity Support Fund, launched following the instructions of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, during the 2019 Government Forum, supports private sector companies by offering credit facilities at a 2.5 per cent interest rate.

The fund will review all applicants against specified eligibility. Credit application requests for large companies are capped at BD1m, and BD250,000 for SMEs, with a loan period of up to three years.

SMEs with an annual income below BD3m may continue to apply at the Bahrain Development Bank’s Sitra, Riyadat, Diplomatic Area and the Hidd Industrial branches. Applicants do not need to have an account with the bank in order to qualify.

In order to qualify, SME’s must meet certain application criteria, including holding an active commercial registration, maintaining a minimum of 51pc Bahraini ownership, commercial activities operating in Bahrain, no requests for reorganisation or liquidation according to the kingdom’s bankruptcy law, financial statements available for the fiscal year 2018, and a positive gross profit margin for one of the past three years.

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