Loan Repayment Deadline Extended For Smes In Kuwait

Entrepreneurs, especially those funded by the National Fund for Small and Medium Enterprises, especially those facing financial difficulties, have received significant support from the Council of Ministers. In response to a proposal put forth by the Minister of Trade and Industry and the Minister of State for Youth Affairs, Muhammad Al-Aiban, the Council of Ministers has approved a 6-month postponement for loan installments owed by entrepreneurs who own small and medium enterprises financed by the National Fund.

According to Representative Abdul Wahab Al-Issa, this decision aligns with the demands presented by the Committee for Improving the Business and Small Enterprise Environment. In her remarks, Representative Jarrah Al-Fawzan emphasized the need for the government to comprehensively address the Small Enterprise Fund, including addressing previous issues and holding those responsible who may have been negligent in the past. Among the 990 entrepreneurs who received loans from the National Fund for Small and Medium Enterprises to launch their projects, the postponement is expected to benefit between 700 and 800 borrowers. As a result of signing borrowing contracts with the fund before the onset of COVID-19, some entrepreneurs had difficulty meeting their repayment schedules.

 

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