Published: Jul 12, 2014
Source: Oman Daily Observer

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BankDhofar‘s financing options for SME pioneers

BankDhofar has signed an agreement with the Public Authority for SME Development (PASMED) and Oman Development Bank (ODB) to promote banking facilities to SMEs. Under the agreement, Small and Medium Enterprises will be considered for financial assistance by the bank which will be guaranteed up to 50 per cent by ODB. This step comes within BankDhofar’s strategy aimed at encouraging young Omanis to rely on their own and create their business and contributing to the creation of new job opportunities for the Omani youth.

The agreement was signed by Hani Habib Macki — AGM-Corporate Marketing and Business Banking representing BankDhofar, Hamad al Harthi — Acting General Manager of ODB, Khalifa bin Said al Abri — acting CEO of the Public Authority for the Development of Small and Medium Enterprises, giving the commercial banks the right to obtain a governmental guarantee through ODB for a maximum of RO 250, 000 provided to loan applicants.

“We at BankDhofar support all entrepreneurs and provide them with the necessary services wherever they are through our network of branches spread across the Sultanate. Our commitment will help young Omanis to begin their career and build a bright future for themselves and their families. It will also help to create job opportunities for Omanis in many areas. The government guarantees provided by the Government of the Sultanate are a testament to the ongoing efforts to find programmes that aim to promote investment opportunities and to encourage individuals to find investment opportunities and minimise the challenges they face.”, said Hani Macki — AGM-Corporate Marketing and Business Banking — BankDhofar.

“There is no doubt that our partnership with the Government of the Sultanate represented by the Public Authority for SME Development to ensure the facilities that we give to small and medium enterprises will contribute to overcoming the main obstacles faced by entrepreneurs”, Hani added.

This joint programme will enable new entrepreneurs who do not have enough resources on their own or adequate guarantees to immediately begin implementing their projects and find their way towards success. All they have to do is handle their research for such projects at the nearest branch or business centres of BankDhofar located at various areas and the bank in return will provide the necessary studies for appropriate funding choices.

The bank offers its initiatives to entrepreneurs to provide them with all banking requirements in an easy way. BankDhofar recently launched the Business Debit Card to support SMEs and Mid-sector companies using electronic banking channels, as well as launching the business centres specialised and equipped to serve entrepreneurs in various governorates of the Sultanate.

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