Oman launches ambitious program for SMEs

MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) has launched the sixth financing program to encourage small and medium-sized enterprises to obtain tenders and contracts with appropriate returns and to create direct and indirect job opportunities for the national workforce according to specific conditions and controls.

The program targets existing SMEs that have contracts for tenders or purchases with direct attribution by government agencies or government companies, and it targets all sectors and economic activities.

To apply for funding, it is required to pass the Entrepreneur Readiness Program, which is an intensive training program that aims to develop the knowledge and leadership skills of entrepreneurs to match the rapid changes in the field of entrepreneurship, to enhance technical and practices that contribute to the sustainability of projects, whether in the stage of establishment, project development, or crisis management that it may have a direct or indirect impact on the continuing efficiency of the project.

After passing the Entrepreneur Readiness Program, the entrepreneur can apply for financing via an electronic link on the Oman Development Bank (ODB) website, fill in the data and attach the required documents to be reviewed and evaluated through a joint specialized committee between the SMEDA and the ODB.

The authority has dedicated a page on its website to include all information related to the six financing programs, financing terms and mechanisms, in addition to an explanatory document that is negotiable and shareable, and a number of explanatory publications in its accounts on social media platforms.

It is noteworthy that the number of financing programs launched by the SMEDA are represented in different products, namely: the In-Country Value Program, the Industrial and Service Projects Financing Program, the Working Capital and Fixed Assets Financing Program, the Incubated Institutions and Business Accelerators Financing Program, and the Craft Products Financing Program Home Business, Productivity, Street Vendor Business, Mobile Business, Contract Finance Program

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