80 entrepreneurs allowed to repay small projects loans under original terms

Officials from the National Fund for the Care and Development of Small and Medium Enterprises have reviewed the cases of around 80 entrepreneurs who borrowed from the Fund and had their nationalities withdrawn.

The measures were implemented in line with the Cabinet’s directives regarding such cases.

The entrepreneurs, including holders of Article 8 “wives of Kuwaitis” and Article 5 “owners of distinguished services,” were allowed to repay their existing loans under the original contractual terms while retaining the same benefits and incentives provided to small and medium enterprise owners under Law No. 98 of 2013 and its amendments. However, they are not eligible to receive new loans, reports Al-Rai daily.

Sources indicated that the average funding for these entrepreneurs was approximately 250,000 dinars per case, with the Fund’s maximum loan limit for SMEs reaching 500,000 dinars.

Meanwhile, the Fund has recently opened judicial enforcement files against 110 defaulting entrepreneurs, including measures such as freezing bank accounts, seizing vehicles, activating travel bans, and issuing warnings. These actions have encouraged many defaulters to settle overdue installments or close their debts entirely after prolonged payment delays.

Fund officials continue to take all necessary legal measures to protect its rights, referring cases to the “Small Projects” default committee to determine appropriate actions, particularly for entrepreneurs who ceased operations or closed their funded projects. Enforcement procedures are being implemented according to the financing contracts’ executive provisions.

According to the Fund, there are currently approximately 1,040 ongoing projects under its supervision, with a total financing value of 203 million dinars. Sectoral distribution includes 40% in commercial projects, 40% in services, 14% in industrial projects, 4% in crafts, and 2% in agriculture.