Small and Medium Enterprises Development Authority - funding-programs-related-to-the-authority-desc

The First Financing Program

In-Country Value (ICV)

A specialized financing initiative designed to support business opportunities through strategic partnerships with private sector institutions and companies, fostering the growth and development of small and medium enterprises (SMEs). By facilitating industry localization, this program enables SMEs to provide essential services and production-related goods while strengthening their market presence.

SME owners looking to leverage In-Country Value (ICV) programs offered by the Authority or secured through entrepreneurs themselves.
This program supports the diverse economic sectors that form the pillars of Oman’s Vision 2040.

Various economic sectors in the Sultanate of Oman, which are prioritized at Oman Vision 2040

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Financing limit up to OMR 250,000 (as per the decision of the competent committee)

The Committee responsible for reviewing applications for financing may request the applicant to contribute a percentage of the project's investment cost, provided that it shall not exceed 10% of the total cost.

Applicants must meet the following conditions:

Be an Omani national.

Possess appropriate qualifications or relevant experience to manage and operate the proposed project.
Be between 18 and 55 years old at the time of application.
Successfully complete Authority-approved training programs for project establishment and management.

Demonstrate financial and credit stability for financing approval.
Shall not have been convicted of felonies or crimes involving dishonesty or moral turpitude, unless rehabilitated.

Upon approval:

· Establish a small or medium enterprise (SME) for the funded project.

· Obtain a Riyada card.

· Be fully dedicated to managing the project full-time after final loan approval.

· If the project involves multiple partners, at least one partner must be full-time, and the joint financing amount must not exceed the maximum limit set for the financing product.

Existing SMEs must:

· Hold necessary licenses or initial approvals from relevant authorities.

· Have qualified personnel with relevant experience to manage the project.

Applicants must submit their requests via the Oman Development Bank website, ensuring all evaluation requirements are met.

1. New Project (Establishment)

· Economic Feasibility Study for the project.

· Entrepreneur’s Readiness License.

· Copy of ID Card and one recent photograph.

· Social Security Card (for applicants covered by the Social Security Scheme).

· Academic qualifications (if applicable), work experience, and CV.

· Non-conviction certificate from the Royal Oman Police.

· Two quotations (not older than six months) for each essential project item and required equipment.

2. Existing Projects (Upgrade & Expansion)

In addition to the documents listed above, applicants must submit:

· Commercial registration, licenses, and relevant business documents.

· Copy of Oman Chamber of Commerce and Industry membership certificate.

· Domestic Work License (for home-based projects).

· Bank statement covering the last 12 months.

· Audited financial statements for the last two years.

Repayment period: Up to 10 years, commencing after the grace period, with terms determined by the competent committee based on the project’s nature and repayment timeline.

Up to two years, starting from the final disbursement date, subject to evaluation and approval by the competent committee.