Bank Muscat evokes strong response to unique SME initiatives

10/05/2017 05:59 AST

Bank Muscat, the flagship financial services provider in the Sultanate, has evoked strong response to its unique SME initiatives which address the requirements of entrepreneurs in Oman.

Stemming from the Royal directives to promote the SME role in the country's economic diversification, Bank Muscat is proud to have initiated a series of innovative programmes benefiting SMEs.

The main objective of the bank's SME strategy is to play an important role in filling the gaps and empowering entrepreneurs to chart successful business ventures by providing necessary training, guidelines and tools.

In line with the vision and directive of His Majesty Sultan Qaboos bin Said to stimulate an entrepreneurial mind-set, Bank Muscat is aligned with the national objective to complement and add value to the country's progress and development.

Bank Muscat works hand-in-hand with the government and partners to create a favourable environment for SMEs in Oman.

The bank's al Wathbah SME department offers a comprehensive suite of tailor-made finance solutions and non-financial services targeted at small and medium enterprises.

Credit facilities, both short-term and long-term in nature, are available to all sectors. Further support is extended through non-financial services in areas of education, coaching, networking opportunities and workshops.

Al Wathbah SME non-collateral finance has broadened financial access for entrepreneurs to avail SME finance without collaterals.

The facility has simplified the procedures related to SME finance, unlocking the potential of entrepreneurs.

The innovative SME finance covers contract and supply finance as well as asset finance, including financing for business activities such as purchase of equipment, supply of raw materials or provision of working capital and other financial requirements of entrepreneurs. For non-collateral finance, the bank conducts risk assessment and due diligence of the company/entity awarding contracts to SMEs.

Al Wathbah Business Zone is a dedicated facility available at the head office for the use of entrepreneurs who lack office facilities.

Oman Daily Observer