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

The Fifth Financing Program

Financing of craft products, home and production businesses, street vendor businesses and mobile business activities

This program provides specialized funding for craft projects, home-based businesses, individual enterprises, self-employment initiatives, street vendors, and mobile commercial activities, in accordance with regulations set by the licensed authorities. It also extends support to all other economic sectors with financing below OMR 20,000

Owners of street vending and mobile commercial activities
Individual and productive business owners
Craft-based enterprises
All economic sectors, including:

· Creative industries

· Entrepreneurship & individual professions

· Mobile commercial ventures

Creative Industries, Entrepreneurship, Individual Professions and Mobile Trucks sector

Financing limit up to OMR 15,000 (as per the decision of 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.

Applicants must:
Be an Omani national.
Possess appropriate qualifications or relevant experience for managing the project.
Be between 18 and 59 years old at the time of application.
Successfully complete the Authority’s training program for business establishment and management.
Shall not hold existing funding from the Authority, except for additional financing requests for expansion projects.
Demonstrate financial and credit stability to qualify for financing.
Shall not have been convicted of felonies or crimes involving dishonesty or moral turpitude, unless rehabilitated.
Upon financing approval:

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

· Obtain a Riyada card.

· Commit to full-time project management (if partners are involved, at least one must be fully dedicated). 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.

1. New Project (Establishment)

· Economic Feasibility Study for the project.

· Entrepreneur Readiness License.

· Copy of ID Card and one recent photograph.

· Social Security Card (for applicants under social security).

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

· Non-conviction certificate from the Royal Oman Police.

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

2. Existing Project (Upgrading & 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 six months.

· Audited financial statements for the last two years.

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

Grace period: Up to two years, starting from the final disbursement date, subject to approval by the competent committee.