Beehive funds first SME in Bahrain

SOURCE: Arabian Business

Mira Packaging Factory to use cash injection to expand and diversify product offering

Dubai-based Beehive, the region’s first regulated peer-to-peer lending platform, has funded its first SME in Bahrain.

Funding has been ploughed into kingdom-based Mira Packaging Factory, which manufactures disposable cups and other food packaging solutions for the GCC and African F&B industry.

The company will use the cash injection to expand its output and diversify its product offering.

Muneeb Rashid, Mira Packaging director of operations, said: "The high demand for our products is directly associated with our service and flexibility that we offer to our large portfolio of customers in Bahrain, Saudi Arabia and the regional neighbouring countries which include international airlines, global HORECA brands and local coffee concepts."

Launched in 2014, the Beehive platform uses technology to eliminate the cost and complexity of conventional finance by connecting businesses directly with investors.

Craig Moore, Beehive CEO, added: "We're delighted to have facilitated funding for our first SME in Bahrain, which will be the first of many. Mira Packaging Factory proved their eligibility for peer-to-peer finance after Beehive's thorough credit assessment, which determines the company's ability to repay the loan and provide excellent returns to our global investors.”