Oman: Loan Ceiling for SMEs Increased

Oman News developments

Oman: Loan Ceiling for SMEs Increased

Oman Daily Observer, 28 August 2023: Oman’s Small and Medium Enterprises Development Authority has announced it has approved an increase in the loan ceiling for SMEs from 5,000 Rials to 20,000.

The aim is to help entrepreneurs launch and expand their projects nationally and internationally. It is hoped this will support the economic contribution of SMEs in the Sultanate.

The Authority also revoked Article 14 of the existing regulation, allowing flexibility in financing beneficiaries in projects other than those previously funded in line with the plans and programmes drawn up by the Authority.

The regulation defines the roles and responsibilities of each of the Small and Medium Enterprises Development Authority and the Oman Development Bank. It also defines the conditions that must be met by those applying for financing from entrepreneurs and craftsmen through a dedicated link with the required documents and data attached.

The regulations include the maximum time period for deciding on financing applications, which is 60 days from the date of completing the application. It also defines the grace period for paying the installments due for financing, the obligations of the beneficiary applying for financing, the mechanism for disbursing the total amount of financing, and the maximum period for disbursing it.

Also reported in Atheer on 27 August 2023. For the full story, click here.

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Tanya Jain