Women Business Finance Scheme "Riyadat"

Women Business Finance Scheme "Riyadat"

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Riyadat

Empowering Bahraini woman-owned Startups and SMEs to help them develop and grow female entrepreneurs to reach their full potential. We’re here to support you through your journey towards success, innovation, and growth.

What is Riyadat?

Are you a female founder? The Riyadat program is here to support you grow your business by providing the tools you need to succeed and expand outside the Kingdom.

We believe in your ability as a Bahraini female entrepreneur to fuel the Kingdom’s economic growth and to create a transformational impact. So, we are here to enable you to succeed in your business ventures and reach your goals. The program helps you access the finance you need to grow your business.

What We Offer

Riyadat helps you accelerate your business growth and support your expansion by providing access to financing from the Financer in accordance with the provisions of the Islamic Shariah on favorable terms including:

· Subsidizing up to 50% of the payment of the profit rate payable by the enterprise to the financier to assist businesses in managing their cashflows.

· Advisory program for entrepreneurs for new and existing enterprises

· Tenor period up to 7 years depending on support type

· Two tracks of financing support for “New Enterprises” and “Existing Enterprises” with Tamkeen’s existing programs of Start your Business and Business Growth.

Who is Eligible?

Your business is eligible for this program if:

· Your business is owned and fully managed by a Bahraini woman and based in Bahrain. In cases where the commercial enterprise is a company, the total contribution of Bahraini women in the company must be 51% or above the company’s share capital.

· You have an active commercial registration or license.

· Your business must be in operation for 0-3 years (in line with Start your Business Program) or above 3 years (in line with Business Growth Program).

· You must successfully complete the mentorship program under “Playbook” Platform.

Apply Now（https://bdb-bh.com/financial-services/riyadat-application-form/）

Frequently Asked Questions

What is Riyadat?

Riyadat Financing Scheme is a program designed to empower Bahraini Women entrepreneurs to grow their business and reach their full potential.

It provides you with the necessary tools, including access to finance, to achieve business growth and create transformational impact.

Who is eligible for the Riyadat Scheme?

Businesses owned and fully managed by Bahraini Women, based in the Kingdom of Bahrain. In the cases where commercial enterprise is a company, the contribution of Bahraini women in the company must be 51% or above the company’s share capital.

You must have an active commercial registration or license, where the business is considered new/startup when in operation for 0-3 years (in line with Tamkeen’s Start Your Business Program) or existing when above 3 years (in line with Tamkeen’s Business Growth Program).

Who is the program suitable for?

The program is suitable for startups and small, medium and large enterprises.

How can I apply to this program?

To enroll in the program, there are 3 stages:

1. Apply through Bahrain Development Bank

2. Customer to be onboarded to the Mentorship Platform ‘Playbook’

3. During the customer’s on boarding time on Playbook, Bahrain Development Bank (BDB) will obtain its internal approvals and send the approved customer to Tamkeen for final approval

4. Upon account setup, and completion of the application form, the customer will be matched with a suitable Mentor based on their profile

5. The customer will complete 3 sessions of mentorship before moving to the next and final step, which is the funding

What documents are required for the application?

Mandatory documents:

•Latest management accounts not older than 6 months, (If applicable for startups)

•Latest audited financials (for existing enterprises)

•Business plan / feasibility study

•Benefit credit report – enterprise (only for existing enterprises)

•Articles of association (if applicable)

•Pictures of the current business setup (place of operation)

•Main business account’s bank statement (up to 6 months) – if applicable and mandatory for existing enterprises

•Proposal / quotations (for the requested support items)

Optional:

•Offtake agreements, contracts, etc.

•Business quality certification

•Benefit credit report – individual

•Electricity and water bill

What benefits can I get from the Riyadat Scheme?

•Subsidizing up to 50% of the payment of the profit rate payable by the enterprise to the financier to assist in managing cashflows

•Advisory program from entrepreneurs for new and existing enterprises

•Tenor period up to 7 years depending on the support type

•Two tracks of financing support for “New Enterprises” and “Existing Enterprises” with Tamkeen’s existing programs of Start your Business and Business Growth

•Partial reimbursement of the total profit amount paid by the enterprise at the end of the tenor period as a reward for a satisfactory repayment history.

Is there a cap of financing?

Applicants for the program may be able to attain up to BHD 1 million in financing, dependent on need and suitability.

How does the profit rate subsidy system work?

Tamkeen will subsidize 50% of the profit rate up to 4% (whichever is lower) for SME enterprises, and 50% of the profit rate up to 2% (whichever is lower) for Large enterprises. If the profit rate is above 4% Tamkeen will subsidize the first 4%, but nothing above that figure.

How much reimbursement can I claim?

If your business is a startup SME and falls within the parameters of the ‘focus sectors’, your loan is less than or equal to BHD 30K and must be paid back within seven years, Tamkeen will reimburse the client 50% of the profit or up to 4% of the profit rate (including working capital), whichever is lower.

If your business is a startup SME and not within one of the ‘focus sectors’, your loan is less than or equal to BHD 30K and must be paid back within seven years, Tamkeen will reimburse the client 20% of the profit or up to 4% of the profit rate, whichever is lower.

If your business is an existing SME and falls within the parameters of the ‘focus sectors’, your loan is less than or equal to BHD 50K and must be paid back within seven years, Tamkeen will reimburse the client 50% of the profit or up to 4% of the profit rate, whichever is lower.

If your business is an existing SME and not within one of the ‘focus sectors’, your loan is less than or equal to BHD 30K and must be paid back within seven years, Tamkeen will reimburse the client 20% of the profit or up to 4% of the profit rate, whichever is lower.

No reimbursement for Large Existing Enterprises

There are men non-female persons involved in my business, does that make me ineligible?

Men are allowed to be involved in the business and can even be partners in it, but the business must be at least 51% female owned to qualify for the scheme.

Can I use my financing for anything?

Financing you receive should be used exclusively to develop your business. This include; machinery, raw materials, marketing & branding, local & oversees expansion as well as auditing & accounting Services. Financing cannot be used for construction or expenses.

I am unsure whether my business is in a ‘Key Economic Sector’ or not.

The focus sectors are as follows: Financial Services; Information and Communications Technology; Telecommunications; Gaming; Manufacturing; Renewables; Logistics; Creative Industries; Tourism; Education; Healthcare. If your business does not fall into one of these categories then it is a non-focus sector.

How will applications be processed?

After the application has been approved by the Bank, your applications will be forwarded to Tamkeen, who will assess them based eligibility on the scheme’s terms and conditions.