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

Fourth Financing Program

Financing Incubated Companies and Business Accelerators

A specialized financing program designed to support projects in the incubation stage, along with institutions focused on the establishment and operation of business incubators and accelerators—facilitating their development and long-term sustainability.

Incubated SMEs

SMEs operating business incubators & accelerators
Business accelerators

Establishments operating in the field of technology, innovation and the Fourth Industrial Revolution, food security, services, logistics, creative industries, and consultancy.

Up to OMR 70,000, subject to approval by the competent committee

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

· Be an Omani national
Possess appropriate qualifications or relevant experience in managing the proposed project
Be between 18 and 55 years old at the time of application
Successfully complete the Authority’s approved training program on project establishment and management
Not hold existing funding from the Authority, except for additional financing requests for existing projects
Demonstrate financial and credit stability to qualify for financing
Not have been convicted of felonies or crimes involving moral turpitude and dishonesty, unless rehabilitated
Upon financing approval:

· Establish a small or medium enterprise (SME) to execute the funded project and obtain a Riyada card

· Commit to full-time project management; if partners are involved, at least one must be full-time. In all cases, the joint financing shall not exceed the specified limit 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

· Application Process:

· Applicants must submit their request via the Oman Development Bank website and complete all requirements necessary for the evaluation process.

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.

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.