Four financing programs for the Omani Raffd Fund, learn more about it

Pioneers Investors : Tariq bin Sulaiman Al-Farsi, CEO of Al-Raffd Fund, a member of the Board of Directors of the Public Authority for Small and Medium Enterprises Development, said that the fund’s activity, which was actually launched at the beginning of this year through four financing programs, “Mawred, Tasis, Riyada and Taziz” takes into account the needs of both job seekers and subject For social security, rural women, craftsmen and professionals, including simplified and flexible procedures and conditions that were studied in accordance with international standards for financing, with a percentage of administrative and technical fees not exceeding 2% in all cases, and with the exception of those subject to social security, the grace period was extended to fifteen months for high loans while reducing premiums Paying them during the first three years, and it was agreed with the Oman Development Bank, which manages the fund’s portfolio, to disburse loans to the beneficiaries within forty-eight hours after the initial approval, up to a maximum of 72 hours. Personal interviews during which the entrepreneur can be directed to the loan guarantee program or resort to some procedure Other “such as the mortgage of the registry or the assets” after the evaluation of the study. The “Mawred” program finances those subjects to social security with loans in the range of ten thousand riyals without administrative and technical fees, noting that the ceiling of loans for this category previously did not exceed three thousand riyals, while the “Tasis” program targets job seekers, including those wishing to establish new projects. With loans not exceeding twenty thousand riyals without requiring personal participation in financing the project, while “Riyada” targets various groups, including the owners of innovation projects, with loans of up to one hundred thousand riyals, and “Taziz” the previous beneficiaries of the fund’s loans and those wishing to support and expand their projects with loans of up to one hundred thousand riyals.

Al-Farsi says that the fund pays great attention to following up and supporting the beneficiaries with its loans after the actual establishment of their projects, especially during the first three years of activity, where a plan has been prepared and implemented to organize periodic field visits to provide the necessary administrative and technical consultations to the owners of the projects based on the work, relying on well-studied and sophisticated mechanisms, or their invitation “When needed” to participate in training courses in various specialties in coordination with the General Authority for the Development of Small and Medium Enterprises in order to overcome difficulties and support their efforts in facing the challenges and intensity of competition, while work is currently continuing to prepare new financing programs, the most important of which include “tourism, handicrafts, seasonal agricultural loans, contracts, exhibitions and information technology.” And industrial loans, “and preparations are underway to establish a website and a business contact center targeting the beneficiaries of support or other governmental and private entities that support and financed small and medium enterprises, by providing accurate information on the procedures for establishing private enterprises in the various fields and available financing programs, their conditions and procedures.

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