SMALL AND MEDIUM
ENTERPRISES FINANCING SCHEME
The Nibrass Financing scheme from the Labour Fund
and Shamil Bank is a comprehensive package for
Small and Medium Enterprises (SMEs) - lighting
the lamp of innovation, flexibility and creativity
in financing services. The scheme offers competitive
terms and provides SMEs with easier access to
capital for investment and growth. SMEs will benefit
from this financing scheme at a low profit rate
of only 4% per annum (equivalent to an average
APR of 4.08% including the application fee) on
a reducing balance basis – the LOWEST profit
rate in Bahrain. All recipients will be given
a generous tenor of up to 10 years to repay the
financing. This scheme is targeted towards all
SMEs established in Bahrain and the financing
will be tailored according to their needs and
requirements.
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Eligibility Criteria:
-
The SME should have a successful
track record of not less than one year.
-
The SME should have an
audited financial statement at least for the
past fiscal year. In-house financial statements
are also accepted subject to availability
of adequate security coverage.
-
Future projections or feasibility
study is required, as the case may be, for
facilities exceeding BD 50,000.
-
The SME must have a clean
and satisfactory track record with other banks,
and has never been on the following lists:
- Write-offs, bad and doubtful debts list
- Central Bank cheques abuser list
-
Eligible SMEs must fall
under the following categories:
- SMEs with Bahraini workforce of minimum
20% and Bahraini ownership of minimum 50%;
except for construction SMEs which require
a Bahraini workforce of minimum 10%; or
- Companies with Bahraini workforce of minimum
50% and Bahraini ownership of minimum 10%.
-
Applicant(s) should have
the legal capacity to enter into related contracts
and execute documents / agreements.
-
The applicant, its officers,
employees, or agents should have never been
convicted for any criminal offence.
-
Application fee of BD 150
shall be paid by the applicant for the approved
application (non-refundable).
-
The applicant shall pay
for all out of pocket expenses, if any, incurred
by the Bank in connection with the facility.
-
The scheme will be launched
with a pilot phase to serve a batch of 50
applicants who meet the eligiblity criteria
for a maximum financing of BD 50,000 on a
first come first served basis. After the pilot
phase, the scheme plan will go into full launch,
offering facilities up to a maximum of BD
100,000
The
Scheme Features:
- Financing facilities in compliance with
the Islamic Sharia.
- The lowest annual profit rate which is equal
to 4% on reducing balance.
- Up to 10 years financing tenor.
- Minimum financing amount of BD 10,000.
- Maximum financing amount up to BD 100,000
commencing after the pilot phase.
- Grace period of 3 to 6 months.
- Flexibility of repayments (i.e. monthly,
quarterly and semiannually).
- Processing of application within a maximum
period of 14 days after fulfilling all requirements.
- The Bank shall consider the exemption of
all future profits in case of early settlement
of the full financing amount.
How
To Apply:
Apply at Shamil Bank’s main office, 9th Floor, Seef Tower or visit your nearest Shamil Bank’s branch.
For more information call our Call Centre on 17878777.
Email: nibrass@shamilbank.net
All terms and conditions including but not limited to the eligibility criteria, are at the Bank’s discretion based on its sole evaluation of the applicant request and standing.
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