Developed by the Kuwait National Fund for SMEs Development and established under law to encourage centralized business activities in Kuwait through providing different forms of support to small-and medium-sized enterprises (SMEs).
Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Board at the National Fund for SMEs Development, said: “While the Fund conceives supporting the small- and medium-size businesses in the areas of finance, education or training, legal, foundations, and other strategic or technical guidelines, it has also identified that one of the means to achieve its goals is by partnering with local banks to increase the real foundations and expertise.”
“The Fund, in joint venture with banks, will support SMEs by offering competitive loans to meet their all financing requirements. The banks will estimate each business case on the basis of a list of eligibility criteria set out by the law. Once a bank is satisfied with the credit requirements, the file will be processed to the National Fund for re-examination and final approval. The bank then issues the loan based on the approved documents, and will act as an agent for the National Fund’s portion of the credit extended to the borrowers.”
Mr. Omar Kutayba Alghanim, Chairman Gulf Bank, said: “We are proud to be the first to take part in this important national cause, to give direct and tangible support for Kuwait’s business and SME owners. SMEs and entrepreneurs are key personnels to diversifying Kuwait’s economy and ensuring a prosperous and stable future.”