Wednesday 30 / October / 2024
Muscat: The Authority for Small and Medium Enterprises Development (ASMED) announced today the launch of an emergency financing programme to lend support for small and medium enterprises (SMEs) during emergency situations. The programme seeks to ensure that SMEs would continue to function in a sustainable manner and to consolidate their ability to deal with emergency conditions.
The authority explained that the financing programme targets existing SMEs located within the geographical area affected by an emergency as declared by the authorities concerned. It added that the programme provides rapid and effective financial support to the affected SMEs, to help diminish the economic impacts resulting from emergency situations.
Terms set for SMEs to avail the emergency support include the following: (1) The owner of the SME should have an entrepreneurship card (Riyada Card); (2) The owner’s financial and credit status allows him/her to obtain such financing; (3) The grace period (non-payment period) for the programme’s beneficiaries lasts for a maximum of two years; (4) The loan repayment period should not exceed 5 years, starting from the end of the grace period.
ASMED pointed out that the launch of this programme was prompted by close follow-up of the conditions of SMEs during the recent tropical depression.
