The National Bank of Bahrain (NBB) has launched an updated version of its Tamweel Al Watani lending scheme to enable a larger stake of Small and Medium Enterprise (SME) customers to benefit from the programme, while providing faster processing times. The improved Tamweel 2.0 scheme will include further relaxed terms and tailored lower cost for female-owned businesses.
As part of its commitment towards empowering the SME sector at large, NBB initially launched Tamweel Al Watani in May 2021, with the aim of providing support to SMEs by helping them achieve their sustainability goals, while simultaneously improving cash flow positions across the Kingdom. The elevated Tamweel 2.0 scheme is a direct result of client feedback, market development, and NBB’s assessment of current economic needs in line with the Kingdom’s economic recovery plan.
Through the revised initiative, local SMEs will be able to make use of shorter turnaround time. With a more facilitated application process, the bank has also included easier processing alongside less prerequisites. Small business owners will gain access to financing options, which will allow them to grow their businesses without the prerequisite tangible security requirements.
Commenting on the upgraded scheme, Arif Janahi, Head of Commercial and SMEs at NBB, said: “Following the success of Tamweel Al Watani’s launch last year, we are pleased to be providing locally owned businesses with the opportunity to benefit from our new and improved lending scheme. SMEs are key to banks and the business environment in the Kingdom, contributing significantly to our national economy.
It is important that we periodically revamp our existing plans in an effort to provide seamless banking services to this vital sector, in addition to empowering female business owners. NBB is committed to supporting the SME sector while aligning with the Kingdom’s economic recovery plan and the Ministry of Industry and Commerce’s SME goals.”
NBB continues to enhance its offerings as part of its ongoing endeavours towards investing in its community and enriching the industries and economy where the Bank operates.
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