Liquidity fund: Application period ends for large cos
The Liquidity Support Fund yesterday closed applications for Large Enterprises with an annual income above BHD 3 million.
The BD 100m Liquidity Support Fund, launched following the instructions of His Royal Highness the Crown Prince 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 BD 1m, and BD 250,000 for SMEs, with a loan period of up to three years. SMEs with an annual income below BD 3m may continue to apply at the Bahrain Development Bank’s Sitra, Riyadat, Diplomatic Area, and the Hidd Industrial branches.
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.