(MENAFN- QNA) QNB has announced the launch of seven new product offerings in support of the important small- and medium-sized enterprises (SME) sector in Qatar.
The new package of measures include a 24-hour decision time for account turnover facilities and professional loans, tailored products for manufacturing, tourism, education, medical and healthcare sectors and the introduction of a dedicated SME business world credit card.
The first product is a specialized "Turnover Facility," which supports companies with an annual bank account turnover of between QR 2 million and QR 20 million. Companies that do their banking with any bank in Qatar are also eligible to apply. Sponsors will need to provide a valid CR or the company’s incorporation documents, bank account statements covering at least one year and financial accounts. Alternatively, a set of valid management accounts will suffice to be eligible.
Successful loan applications will benefit from an overdraft facility which is up to 10% of the annual bank account turnover.
The second facility is aimed at addressing the needs of Professional Services companies. Eligible companies need to operate in the fields of engineering, engineering consultancies, medical and pharmaceutical related companies, legal consultancies, financial advisory and consultancy offices, and accounting and audit offices.
The "Professional Sectors Facility" is offered to companies that have been operating for more than one year. Companies that bank with any bank in Qatar are also eligible to apply and facilities can reach up to QR 2 million with loans disbursed in multiple tranches. The first tranche will be up to a maximum of QR 500,000 and the balance will follow once the bank is satisfied that the previous tranche was successfully invested in the business.
Sponsors will need to provide proof of their monthly income and financial commitments along with a valid commercial registration or license or applicable document establishing the borrower as a separate legal entity. (MORE)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.