Muscat: The Authority for Small and Medium Enterprises Development (ASMED) has today announced the initiation of an emergency financing scheme aimed at providing support to small and medium-sized enterprises (SMEs) during times of crisis. The objective of this program is to ensure the continuity of operations for SMEs and to enhance their capacity to withstand emergency scenarios.
ASMED has clarified that the program is designed to assist existing SMEs situated within the geographic boundaries impacted by an emergency, as declared by the relevant authorities. Furthermore, the program offers swift and effective financial assistance to these enterprises, designed to mitigate the economic repercussions associated with such events.
Applicants for the emergency support are required to meet the following criteria: (1) The owner of the SME must possess an entrepreneurship card (Riyada Card); (2) The financial and credit standing of the owner is deemed sufficient to qualify for the loan; (3) Beneficiaries enjoy a grace period, or non-payment period, of up to two years; (4) The duration of loan repayment should not exceed five years, commencing immediately following the conclusion of the grace period.
ASMED has indicated that the establishment of this program was a direct response to a thorough observation of the conditions faced by SMEs in the wake of recent tropical weather systems.
