MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) has announced the launch of an emergency financing programme to support small and medium enterprises (SMEs) during crises. This initiative aims to ensure the sustainability of these businesses and enhance their response to emergency situations.
The Authority explained that the financing programme targets existing SMEs located within the geographical area affected by the emergency, as identified by relevant authorities. It provides rapid and effective financial support to these institutions during emergencies to reduce the economic impacts resulting from such situations.
According to the Authority, to qualify for this financing, the business owner must possess an entrepreneurship card and meet specific financial and credit criteria. The grace period for beneficiaries ranges from the date of the last disbursement payment and extends up to two years. The repayment period of the financing loan is a maximum of five years, starting from the end of the grace period, with the duration determined by the nature of each project.
The Authority indicated that the launch of this programme was prompted by the effects of the tropical depression “Al-Matir” on SMEs. The goal is to develop a new financing framework that guarantees the sustainability of economic activities for SMEs during various emergencies and ensures the continuity of their economic and social contributions. — ONA
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