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Below are the eligibility criteria for the SME Fund. If any of the answers to the questions below is a NO then the customer is not eligible for the program:

Criteria Explanation Yes/No
Capital Is the company’s capital less than KWD 500,000?
Net Income Is the company generating profit?
Net Sales Is the company’s Net Sales between KD 50,000 and KD 2,000,000?
Total Assets Is the company’s Total Assets between KD 50,000 and KD 2,000,000?
Ownership Is the company a 100% owned by Kuwaiti(s)?
Applicant Is the managing partner/owner registered under Chapter 5 of PIFSS in the same company?
No. of Kuwaiti Employees Does the company have less than 50 Kuwaiti Employees?
Age of applicant Is the applicant more than 21 years old?
Years in Operations Has the company been operating for more than 2 years?

Below is the total list of documents required from applicant in order to submit a complete credit application:

# Description
1 Customer Contact Details Update (KYC Signed by Authorized Person on Beam)
2 Extraction (< 4 Weeks Old from Submission)
3 Commercial License (Not Expired)
4 Establishment Contract
5 Amendments (Oldest to Newest) - (Up to Date according to Commercial License)
6 Authorized Signatories Document
7 Customer Declaration Form Signed (Client's Name & Signature)
8 Civil ID of Partners (Not Expired)
9 One MOL Certificate (Newest to Oldest) - (MOL < 6 Months Old)
10 Two Salary Transfers (Newest to Oldest)-(S/T < 3 months old & 6 months old<S/T < 12 months old) 
11 Ci-Net Forms Signed by the Managers
12 Fiscal Year Bank Statements (Original & Stamped)
13 Interim Bank Statements (Original & Stamped)
14 Audited Financial Statements (2 Years )/td>
15 Interim Financial Statements (If Latest Audited Financials are > 7 Months Old)
16 Net Worth Statement (from all partners who will provide personal guarantee)
17 PIFSS To Whom it May Concern Form (managing partner is under chapter 5) (Not Expired)
18 PIFSS Statement with Kuwaiti Employment Number
19 Proper Business Plan with financial projections, targets, Kuwaiti Employment schedule
20 Good Conduct Certificate from Ministry of Interior

Below are some points on the partnership between Gulf Bank and the National Fund, and how the Business Loan will be carried out:

  • The facilities will be directly disbursed to the applying company’s account as one loan.
  • Gulf Bank will contribute by 20% of the loan amount while the National Fund will contribute with the remaining 80%.
  • The maximum tenor of the loan will be 7 years, with Gulf Bank’s portion being settled within a maximum of 5 years, leaving an additional 2 years for only the settlement of the National Fund’s portion.
  • Maximum facility amount to reach KD 500,000, with Gulf Bank’s maximum lending capacity to reach KD 100,000 per applicant, and the fund’s maximum lending capacity to reach KD 400,000 for the same applicant.
  • The National Fund will be subject to a flat rate of 2% throughout the entire tenor of the loan, while Gulf Bank’s portion will be subject to normal rates of CBK+4% for long term loans.
  • The loan repayment will start immediately for Gulf Bank’s portion, with a grace period of one year for the fund’s portion only.
  • Installment will increase in month 13, which is when the fund’s portion starts getting repaid; simultaneously with Gulf Bank’s portion. Moreover, installment will decrease in month 60 after which the Gulf Bank portion has been fully repaid.

Benefits of the program include the following:

  • Maximum loan amount of up to KWD 500,000.
  • Net Interest rate is at 2.8% only.
  • 1 year grace period on the fund’s portion.
  • Relaxed loan criteria for companies that have a minimum of two years in operations.
  • Maximum processing time allowed is 30 days from the date of the acceptance of fully completed application and their supporting documentations.

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