(MENAFN- Muscat Daily) In support of entrepreneurship in Oman, Oman Arab Bank (OAB) and Zubair Small Enterprises Centre (Zubair SEC) signed a memorandum of understanding (MoU) towards enabling, empowering and equipping Omani small enterprises (SEs) through various services that both the institutions provide.
The MoU was signed under the patronage of Rashad Mohammad al Zubair, chairman, of both The Zubair Corporation and Oman Arab Bank, on April 13 at the headquarters of The Zubair Corporation, with the presence of top management representatives from both organisations. ''Recognising the strong drive for social responsibility by OAB and The Zubair Corporation, especially towards the burgeoning small enterprises (SEs) sector in the Sultanate, this agreement reflects yet another endeavour by both organisations to create SEsempowering synergies with other core sectors'', commented Zubair.
He added, ''We are very excited for this new partnership between two reputable organisations that persevere towards adopting distinguished and strategic initiatives that create tangible sustainable value for the national society and economy in the sultanate''. Many Omani entrepreneurs start their businesses with a lot of enthusiasm, believing that attaining the needed financing would be the main factor for achieving success.
Yet, many fall short on providing the required documentation and strategic planning required by financial institutions to provide them with the needed funding. On the other hand, a key part of the banks' mandate is to extend credit facilities to small enterprises in Oman, but they are usually challenged with the high risk of financing entrepreneurs who many times operate on weak business grounds. Zubair SEC will be receiving entrepreneurs sent through by OAB who request financial assistance but lack sound business knowledge.
Zubair SEC on its part will provide them with business advisory and consultation to complete their business value proposition to the Bank. OAB, through Tomouhy department, will prioritise funding approvals to entrepreneurs referred to it by Zubair SEC and that meet the Bank's approved policy and guidelines.
The bank will provide yet another viable option to exploring various credit facilities, from working capital finance to term loan for capital expenditure, to contracts and equipment finance, to import and export finance as well as a window for entrepreneurs to take advantage of the 50 per cent government guaranteed programmed, a joint programme with the Ministry of Commerce and Industry and Oman Development Bank.<
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