Inma Fund Opens SME Financing Applications for 2024

Inma Fund Opens SME Financing Applications for 2024

Muscat, The Gulf Observer: The Small and Medium Enterprises Development Fund (Inma) has announced the commencement of financing applications for the new year, providing entrepreneurs and SME owners with access to financial products and services aimed at supporting their business ventures. This initiative underscores the fund’s commitment to bolstering Oman’s national economy by fostering SME growth.

Yahya bin Saleh Al Siyabi, Marketing Manager at Inma Fund, revealed that a total of OMR 25 million has been allocated for SME financing this year. The funds will be distributed across Inma’s branches in Sohar and Salalah, in addition to its main headquarters in Muscat.

Speaking to the Oman News Agency, Al Siyabi confirmed that Inma Fund will continue to adhere to its existing procedures and conditions for qualifying clients. He also announced an extension of loan repayment periods, which will now span up to eight years instead of the previous five years for most financial products.

The financing options available include asset financing, project funding, invoice discounting, and working capital support. Loan amounts will range from OMR 50,000 to OMR 500,000, with larger enterprises potentially eligible for financing up to OMR 1 million. To accommodate customer preferences, Inma Fund will continue to follow an Islamic financing programme.

Al Siyabi outlined the priority sectors for financing in 2024, emphasizing Inma Fund’s focus on empowering SMEs in Oman. The targeted industries include tourism, services, infrastructure and transportation, oil and gas, industry, and trade, aligning with national economic development plans.

In addition to financial support, Inma Fund will maintain its unique value-added services for financed clients. These include a field visit programme designed to monitor and guide SMEs in their project development. Furthermore, the fund will offer accounting book monitoring services, involving regular auditing and monthly financial tracking by specialized accounting firms contracted to assist clients in maintaining sound financial management.

The launch of this year’s financing programme reflects Inma Fund’s continued dedication to strengthening the SME sector, ensuring sustainable growth, and enhancing the overall economic landscape of Oman.