Bahrain Development Bank grants SMEs preferential profit rate on finance schemes

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Development Bank announced a new initiative for providing preferential profit rates for small and medium enterprises holding the SMEs Classification Certificate from the Ministry of Industry, Commerce and Tourism.

This initiative is part of the cooperation and coordination between the MOICT represented by SMEs Development Directorate and BDB aiming to enhance the support programs for the SMEs sector and increase the competitiveness of these enterprises in the Bahraini market.

Obtaining the Classification Certificate also includes a package of additional benefits, most notably the allocation of a 20% share of the value of government purchases and tenders for SMEs, giving SMEs a 10% advantage in the bidding of service facilities that are held within government departments and in government tenders as well in addition to the opportunity to benefit from a training programme for building the capacity of SMEs in cloud computing for free.

Dalal Al Qais, CEO of Bahrain Development Bank said: “The Bank will begin applying the grants of preferential rate to SMEs, who hold the SMEs classification certificate, from January 2022, only for new financing applications that meet the terms and conditions of the Bank and in accordance with the bank’s funding standards and requirements.”

Shaikha Al Fadhel, Director of SMEs Development at the Ministry of Industry, Commerce and Tourism said: “Providing preferential profit rates for SMEs by Bahrain Development Bank will have a fundamental role in facilitating access to finance for this sector, which is a key driver of the national economy, was facilitating access to finance is considered one of the most important strategic pillars of the SMEs Development Board.”

Al Fadhel also invited SMEs’ owners to take this opportunity and benefit from this initiative and the rest of the advantages associated with the classification certificate.