MANAMA- Ebdaa Bank for Microfinance announced “School Loan” to coincide with back-to-school season, which aims to give entrepreneurs customers greater financial resources and provide incentives for those wishing to activate their business and fill their shops and stationaries with school supplies.

The loan was launched to be tailored to meet the requirements of customers, which features the loan from BD 200 and maximum loan up to BD 1000, payment in monthly installments to be settled before 13 months, easy documentation, and quick processing, as part of Bank’s role in supporting low-income and micro-enterprises in the Kingdom of Bahrain.

Chief Executive Officer of Ebdaa Bank, Dr. Khaled Walid Al-Ghzawi, stated that the loan was designed to meet the needs and requirements of entrepreneurs and stationaries owners with the provision of concessional settlement period. He said: “Every year, more students are registered to school, and their school supplies requirements are increasing, thus increasing our responsibility to provide the necessary affordable liquidity to trigger the seasonal commercial market that is active in the back-to-school season.”

“The school loan also aims to support entrepreneurs, home businesses, housewives and other Bahrainis wishing to take advantage of the back-to-school season to set up temporary projects to sell clothes, bags or school requirements by providing them with the necessary liquidity.” Said Dr. Al-Ghzawi.

In that direction, the Bank is offering this seasonal loan during this period of each year, for its contribution in stimulating commercial movement that hundreds of stationeries and stores have benefited from this loan during the past years.

School loan is one of Bank’s seasonal loans that is featured with quick processing. However, borrower shall not be under 23 and not older than 60 years old. Furthermore, the borrower shall have a steady and continuous source of income, and the loan shall be used for purchasing stationery, school uniforms and accessories purposes.

Dr. Al-Ghzawi reiterated the Bank's keenness to achieve its vision to expand the middle class in the Bahraini society and improve the living conditions of the targeted group by investing in feasible micro and small projects, pointing to the diversification of the microcredit base provided by Ebdaa Bank as part of its strategy to expand the middle class by encouraging low-income people to set up their own businesses and support Bahrain Economic Vision 2030.

About Ebdaa Bank:

Ebdaa Bank was established in 2009 in the Kingdom of Bahrain with a capital of US $ 5 million. Bank’s major shareholders of entrepreneurs and institution receive 60 per cent of profit, while AGFUND receives the remaining profit. Ebdaa Bank continues to support Bahrain’s Economic Vision 2030 by helping low-incomers to engage in new and innovative economic projects.

© Press Release 2019

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