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Loan return period extended
KUWAIT CITY, Oct 25: The Kuwait National Fund for Small and Medium Enterprises Development Board of Directors decided to suspend the collection of payments for loans granted to beneficiaries to finance their businesses for another six months starting from October; hence, the total period of suspension is 12 months, reports Al-Anba daily quoting a reliable source from the fund.
While affirming that the decision does not contravene the law on the establishment of the fund; the source disclosed the decision covers 815 businesses or more than 2,000 citizens. Meanwhile, the fund explained in a press statement that the decision is in view of the exceptional circumstances the country is going through due to the novel coronavirus outbreak.
The fund pointed out the repercussions of the outbreak continue to affect the owners of small and medium enterprises (SMEs), asserting it is keen on supporting all the enterprises under its wing.
The fund went on to say that the decision is aimed at reducing the financial burdens of the owners of SMEs; reaffirming its continuous and full support for all the entrepreneurs whose businesses are financed by the fund. The fund added it is keen on overcoming obstacles in front of the owners of SMEs in line with the role for which it was established.