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.
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.
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).
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
•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)
•Offtake agreements, contracts, etc.
•Business quality certification
•Benefit credit report – individual
•Electricity and water bill
•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.
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.
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.
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.
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.
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. The evaluation will take into consideration the following:
• Number of high-skilled jobs created and the expected job creations for Bahrainis
• Capital injected into the economy
• Revenue, potential revenue, and the proportion of revenues generated from exports.
• Product and service differentiation and scalability
• Management team capability
• Protentional for overseas expansion
• Innovation business concept
• Technology enabled business operations.
The Tamkeen Riyadat Mentorship Program is an opportunity for entrepreneurs and business founders to have access to expert mentors who will help them grow their business.
This program is being facilitated by Playbook, an educational technology (ed-tech) platform that serves as a career ecosystem to accelerate your growth. Completing the program successfully is a pre-requisite for accessing your approved financing funds.
Tamkeen has sponsored a 1-year membership for your business with the Playbook platform, in addition to sponsoring 3 mentorship sessions for each enterprise with different expert mentors that are globally placed.
Once you are enrolled into the program by Tamkeen, a Playbook representative will get in touch with you via email to provide you with the mentor matchmaking form. You will need to fill out the form to identify areas of support that you will need.
After the matching assessment is complete, Playbook reviews the form and identifies potential mentors who can provide guidance and expertise in your specific industry or field. Then you will be matched to 3 relevant mentors based on your needs and expectations for the sessions. Someone from Playbook will get in touch with you and will provide you with all the details of the mentors via email.
The feedback form is for Playbook and Tamkeen to collect information on your mentorship experience. After each mentorship experience, you will receive a feedback form to be filled out. Both mentees and mentors fill out the forms and this is essential for data collection purposes.
Tamkeen pays for you to be matched with 3 mentors only. However, if you would like to book sessions with more mentors outside the 3 provided and you have been matched with, then it will be chargeable at your own expense on the Playbook platform.
The feedback form, post your sessions, is important for this reason. Playbook will be able to document your takeaway from the session and your experience in engaging with the mentor, which will then be passed on to the program managers.
Yes, you may be able to continue working with your mentor after the Mentorship Program ends, depending on their availability and your mutual agreement. However, a fee is applicable for each hour you spend with the mentor, payable to the Playbook platform directly.
If you need to reschedule a meeting with your mentor, then the Playbook representative needs to be alerted at least 72 hours in advance. If it is an extraordinary circumstance that was out of your control, then exceptions can be made if informed in a timely manner. However, please note that rescheduling will be based on the mentors next availability.
As much as possible, aim to commit to the agreed dates and times for the session.
To participate in the Mentorship Program, you should be in a space that is easily coherent to the mentor to focus on what the mentor is sharing with you. You need access to a computer or mobile device with a stable internet connection, a camera, and a microphone.
The mentoring sessions will be conducted virtually through Zoom, and you will receive a link by Playbook to join the meeting once a time is mutually agreed on. We recommend you have on hand a notebook and pen to take notes from the mentorship session, in the beginning of your session and make it clear what your expectations are and the outcomes you aim to achieve in order to make the most of your sessions.
If you have any further questions about the Riyadat Scheme, please do not hesitate to reach out to one of our dedicated customers services representative on +973 17511 111 and we’ll be happy to assist you.