Lebanon Seed Fund launched by Flat6labs. Investments range $30,000 to $500,000 each

Flat6Labs Beirut announced the launch of Lebanon Seed Fund (LSF), a $20 million early stage fund aimed at supporting 100 local startups over the next five years.

Startups taking part in the seed stage program will receive $30,000-$50,000 in investment. They will go through a 16-week mentorship program. Early stage startups will receive $100,000 to $500,000, as well as access to Flat6Labs Beirut's resources and operational guidance to scale.

The program is in partnership with ArabN...

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BSL provides zero percent housing loan. Requirements: Prepayment to the bank, standing orders

BSL Bank has launched a housing loan with zero percent cost to the borrower.

Charbel Watfa, Financial Controller at the bank, said: "Customers will be required to make a prepayment of 17.5 percent of the loan if the term is 30 years, and 20 percent if 25 years. They should also open a current account at BSL, and pay bills by standing order."

Watfa said that like all banks, clients are obliged to pay the property owner 25 percent of the property's price as a down payment.

T...

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Lucid Investments gains banking license. To execute growth strategy in activities and scope

The final step to transform local financial company Lucid Investments into a licensed bank has been approved by the Central Bank (BDL). The corporation will now operate under the name of Lucid Investment Bank. The specialized bank has increased its capital to LL30 billion ($20 million). The approval follows BDL's keenness for a widening of funding solutions beyond the usual classic credit facilities provided by commercial banks.

Established in 2003, Lucid will continue its core business ...

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BLC Bank shuts down investment subsidiary. To focus more on commercial banking

BLC Bank, part of the Fransabank group, has shut down its investment subsidiary, BLC Invest.

The bank said in a statement that it is concentrating on commercial banking activities and for this reason, it has absorbed all of the assets and liabilities of BLC Invest. It said that it has provided continuity to all BLC Invest employees who have expressed a wish to stay on.

"All outstanding activities of BLC Invest are now assumed by BLC Bank," the bank said.

A person familiar ...

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Audi writes off $191 million in Syria, Sudan investments. Positive growth in all Q3 indicators

Bank Audi announced that it has written off its investments in Syria and Sudan for an amount of $191 million. In its third quarter results report, the bank declared a 15.2 percent growth in profits over the same period of last year, to $350 million.

The bank's other indicators were all positive, deriving almost half its operations from entities abroad.

The bank announced the following results:
$45.3 billion of assets, of which 45 percent is from entities abroad
$37.0 billi...

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