Kuwait National Fund for small and medium-sized enterprises launches its first program; dedicated to financing SMEs, with the participation of Gulf Bank. The program is designated to encourage an entrepreneurship ecosystem in Kuwait through providing different forms of support to small-and medium-size enterprises (SMEs).
In this occasion Dr. Mohammad Al-Zuhair, Executive Chairman of the Board at the National Fund for SMEs Development, stated: “The program is based on a set of criteria that will determine the eligibility of beneficiaries; in accordance with the provisions stipulated by the law and agreed upon with the Fund.”
Dr. Al-Zuhair then added: “The banks will assess each business case on the basis of a list of eligibility criteria set out by the law, and agreed on with the National Fund. Once a bank is satisfied with the credit requirements, the file will be sent to the National Fund for review and give their final approval. The bank then disburses the loan based on the approved product program, and will act as an agent for the National Fund’s portion of the credit extended to the borrowers.”
Dr. Al-Zuhair praised the participation of Gulf Bank, and its cooperation in the program of the National Fund that aims to finance small and medium enterprises. Al-Zuhair stressed that the Fund is in a constant quest to design various programs, to be implemented through the encouragement of the private sector. And via increasing the involvement of the private sector in the development of the national economy.
In this regard, Mr. Omar Kutayba Alghanim, Gulf Bank’s Chairman, stated: “We are proud to be the first to take part in this important national initiative, to give direct and tangible support for Kuwait’s entrepreneurs and SME owners. SMEs and entrepreneurs are key drivers to diversifying Kuwait’s economy and ensuring a prosperous and stable future.”