Expanding the types of services provided to the SME segment, including the provision of basic non-financing services to assist small companies

 

Kuwait, 6 June 2021: In recognition of the importance of the small to medium-sized enterprise (SME) sector and in line with the strategic direction of the Central Bank of Kuwait, Gulf Bank has launched a new initiative to offer basic forms of assistance to SMEs. By adopting a more holistic approach, Gulf Bank aims to offer SMEs integrated solutions that go beyond financing, and engage with small businesses through partnerships with various sectors and specialized agencies.

 

It is worth noting that Gulf Bank has issued financing conditions for individuals, SMEs, and other economic entities affected by the pandemic since the start of 2020, including the issuance of a draft guarantee law in April 2021 to rescue SMEs affected by the pandemic.

 

Regarding this initiative, the Assistant General Manager of Corporate Banking at Gulf Bank, Meshal AlWazzan, said: “We launched a digital platform to process requests from business owners who were affected by the pandemic, providing support to various companies through financing measures amounting to over 30 million Kuwaiti dinars. The Bank is currently looking forward to a more effective solution, and is awaiting the implementation of the draft law to rescue SMEs, through which the Kuwaiti government is set to guarantee 80% of funding provided to businesses affected by the COVID-19 pandemic. After fulfilling the legal requirements for consideration, the amount of financing provided to each applicant will be determined based on the customer’s credit conditions, while ensuring due diligence to verify that the guarantee loan is deducted from public funds.

 

As part of Gulf Bank’s strategic plan, the Corporate Banking Department is working to implement the digital transformation of all major operations and services provided to SMEs, which will be launching soon. Through these efforts and more, Gulf Bank aims to offer even more services that can support banking operations and contribute to the growth of small and medium-sized enterprises that are partnered with Gulf Bank.

 

AlWazzan added: “Gulf Bank is currently serving more than 7,000 companies through its business sector and across all branches. We currently offer companies the opportunity to conduct all their corporate banking transactions online, including collection and payment services, employee salary transfers, point-of-sale services, payment gateways and payment links, in addition to the ability to open all kinds of accounts, issue debit cards, and apply for SME financing solutions.”

 

In an effort to further enhance its customer experience, Gulf Bank also launched a dedicated website through which SMEs can communicate with the Bank to inquire about commercial banking services and facilitate both financing and non-financing requests. For more information regarding the various services Gulf Bank provides to SMEs, the Bank has launched a dedicated website: https://www.e-gulfbank.com/en/sme

 

Companies can also apply for financing through Gulf Bank’s dedicated SME website, indicating the company’s basic information, financial history, and financing priorities. Upon entering the relevant company information, business owners can then direct the form and any relevant information to the designated email provided. Upon receiving the request, Gulf Bank will review the client’s request and evaluate funding options accordingly. If economic viability is proven, the Bank will contact the SME for next steps.