COVID 19-SME Rescue Plan

Mashreq is pleased to offer support to SMEs whose economic activity is negatively impacted due to COVID situation under SME’s Rescue Program. |The facilities will be offered in accordance with the framework set by Central Bank of Kuwait based on Law no. (2) of 2021 to rescue SME’s negatively impacted by Covid-19.

Eligibility Requirements:

To apply under this program, all the below conditions must be met. Only those entities which were operating before COVID 19 crisis and are not defaulted with any bank as of 31.12.2019 will be eligible.

SMEs are as per the SME definition stated in the Executive Regulation of The National Fund for SMEs Development & Law no. (2) of 2021
SME Entity should be independent and not a subsidiary of any other entity
Sales not to exceed KWD1,500,000
Assets not to exceed KWD500,000
No. of Employees not to exceed 150

For further details

CBK circular on the controls for the implementation of Law no. (2) of 2021.

Documents Require To Be Submitted:

Loan Request form on Entity’s letter Head (signed by Entity’s Authorized Signatories)
Account Opening Form along with KYC documents and other documents such as CRS & FATCA & Terms & Conditions to be signed by Entity’s Authorized Signatories in present of Bank officials.
Entity’s legal documents such as Memorandum and Articles of Association, valid Commercial Registration, Chamber of commerce certificate, Owners/partners civil Id & passport
Personal Networth Statement
Projected Cash Flow Statement
Latest Financial results and Audited financial statements for past three years i.e. 2018,2019 & 2020
Entity’s Bank Statements for their account with other Banks
Undertaking form that Entity did not apply for similar loan from other banks
Certificate for Kuwaitization as of 31.12.2019
Please submit these documents to our email and visit our branch during Sunday to Thursday from 08:30 AM To 03:00 PM for completion of these documents.

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