Muscat – The Authority for Small and Medium Enterprises Development (ASMED) has launched an emergency financing programme aimed at supporting SMEs during crises.

The initiative aims to ensure continuity of SME activities and enhance their capacity to respond to emergencies.

The financing programme targets existing SMEs within the geographical areas affected by emergencies, as identified by relevant authorities. It provides swift and effective financial support to mitigate the economic impacts of such situations.

Outlining the conditions for applying for this financing, ASMED stated that business owners must possess an entrepreneurship card, and their financial and credit status must qualify them for funding.

Beneficiaries will have a grace period of up to two years from the date of the last disbursement, with a repayment period not exceeding five years, as determined by the nature of each project.

Launch of this programme follows the impact of the tropical depression ‘Al Matir’ on SMEs, highlighting the need for a structured financing framework to ensure the sustainability of economic activities during various types of emergencies.

The tropical depression, which struck Oman in April, resulted in 21 deaths, including 12 children.

ASMED aims to maintain the economic and social contributions of SMEs through this new financing initiative, ensuring their resilience and ongoing viability in the face of unforeseen challenges.

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