Muscat: The Small and Medium Enterprises Development Fund, known as 'Inma', has officially opened applications for financing for the new year. Entrepreneurs and small to medium-sized enterprise (SME) owners are encouraged to utilize the financial products and services provided by the fund, which are essential for enhancing the national economy.
Yahya bin Saleh Al Siyabi, Marketing Manager at Inma Fund, announced that a total of OMR25 million has been allocated for SME financing this year, with funds available through the branches in Sohar and Salalah, as well as the main office in Muscat.
He informed the Oman News Agency that Inma Fund will maintain its existing procedures and criteria for clients to access financial services.
The repayment period for loans has been extended to 8 years, up from the previous 5 years for most financial products. Financing options will include support for assets, projects, invoice discounting, and working capital, with amounts ranging from OMR50,000 to OMR500,000, and potentially reaching OMR1 million for larger enterprises. Inma Fund adheres to an Islamic financing model to cater to customer preferences.
In terms of priority sectors for financing this year, Al Siyabi emphasized the fund's commitment to supporting SMEs in Oman.
The fund's strategy for the year outlines various sectors aimed at promoting work and investment, encouraging SMEs to focus on tourism, services, infrastructure and transportation, oil and gas, industry, and trade.
Al Siyabi announced that this year, Inma Fund will persist in providing its distinctive benefits to financed clients. This includes a field visit program designed for SMEs to oversee and support their project development.
Furthermore, the fund will implement accounting book monitoring, which entails auditing and monthly tracking of financial transactions by specialized accounting firms engaged by the fund to deliver these services to clients.
