ODB begins emergency loan process for SMEs

Muscat: The Oman Development Bank (ODB) on Sunday started receiving applications from those who wish to benefit from the interest-free emergency loan programme approved by the Royal Directives of His Majesty the Sultan.

The loan is meant for the small firms which are most affected by the COVID-19 pandemic.

The target beneficiaries include entrepreneurs; especially those holding Riyada card for small and medium enterprises (SMEs), self-employed, as well as beneficiaries of the ODB loans and Al Rafd Fund.

Dr Abdulaziz bin Muhammad al Hinai, CEO of the Oman Development Bank, revealed during a recent press conference of the Supreme Committee that interest-free emergency programme does not set any specific amount for the beneficiaries, indicating that the amount of damage determines the amount of the loan.

Al Hinai expected that more than 25,000 beneficiaries will benefit from the programme.

Al Hinai also said that the directives of the government are clear on the issue of loans. “The loans granted by the ODB have been scheduled for six months.

However, if necessary, it will be reviewed and reconsidered at the end of this period,” he explained.

The CEO explained that the SMEs have the priority to be sponsored first as they have a lot of employees whose salaries have been cut. Owners of beauty salons are also entitled.

He stressed that everyone is welcome to take advantage of the programme, according to the priorities and available capabilities.