Business | Banking
National Bank of Oman launches new funding options for SMEs
The National Bank of Oman (NBO) has launched a new and distinctive financial services proposition - Tijarati Banking - to cater for the financial requirements of Small and Medium Enterprises (SME).
- Staff Report
- Published: 23:29 December 24, 2008
Muscat: The National Bank of Oman (NBO) has launched a new and distinctive financial services proposition - Tijarati Banking - to cater for the financial requirements of Small and Medium Enterprises (SME).
"The bank is committed to supporting the growth of small businesses and has therefore developed this customised product," Murray Sims, NBO's chief executive, said while addressing the media at the launch on Tuesday night.
Tijarati Banking will include a comprehensive suite of financial services designed to address the growth needs of the SME segment. Given the increasing need among SMEs for business financing, Tijarati Banking will initially focus on offering flexible and convenient business loans.
These loans are targeted specifically at small established companies and self-employed individuals in Oman who need immediate financing for business expansion, working capital, business line diversifications and other business growth drivers requiring capital injection.
Tijarati Banking is targeted at fledgling businesses owned or managed by Omanis and expatriates that have been in existence for two years. The service will be offered without any collateral or guarantor.
NBO recognises that SMEs make a significant contribution to the econ-omic growth, employment and development of Oman, as well as being an important constituent for a competitive and efficient market.
SME customers will benefit from extra business support and extended GCC reach provided by NBO's alliance with major banks in Qatar and the UAE.
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