Leveraging digital technology, the SME Development Authority has announced that eligible small and medium enterprises (SMEs) can seek funding information and support from as many as 17 banks and financial institutions via its website.
The Authority said on Wednesday that its portal now enables convenient access to the financing solutions and services provided by the 17 entities. The list includes Bank Muscat, Bank Dhofar, Oman Development Bank, Meethaq, Al Malak Investments, SME Development Fund (Inma), GroFin Oman, Sharakah, Bank Nizwa, Ahli Bank, National Bank of Oman, Muscat Finance Company SAOG, Oman Investment & Finance Services, Sohar International Bank and Oman Technology Fund.
In addition, interested SMEs can also submit their queries for information and other clarifications via the Authority’s website, it stated, stressing that the initiative stems from the desire to ease the process of accessing facilities and services via the digital route.
The number of small and medium enterprises registered with the SMEs Development Authority as of July 31, 2022 surged 46.8 per cent to reach 81,460 institutions, up from a total of 55,491 entities registered a year ago.
The growth in registrations has been spurred by rising interest among SMEs in the incentives and projects contracts offered by government agencies and large companies in the private sector.