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

Seventh financing program

Financing contracts and business opportunities for companies affiliated with the Oman Investment Authority

It is concerned with financing contracts (tenders or purchases) or business opportunities, whereby the financing decision is issued based on the work assignment letter from the assigning party, which requires the payment of a specific or assignable cash amount for the work within a specific period.

Existing establishments that have obtained contracts (tenders or purchases) or business opportunities directly awarded by companies affiliated with the Oman Investment Authority

All sector

Up to OMR 500,000, subject to approval by the competent committee.

 The committee may require applicants to contribute a portion of the project’s funding, not exceeding 10% of the total investment 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 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 (Strengthening & 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

Payments aligned with project completion stages or financial disbursement conditions Repayment term must not exceed 24 months

Determined by the competent committee, with a maximum limit of 3 months