Qatar National Bank (QNB) has announced its continued support of the important Small and Medium Enterprises (SME) Sector in Qatar with the launch of four new product offerings.
This initiative both follows on from the successful launch of “Business Banking”, an innovative platform studded with detailed business oriented solutions that will enable all current and future business owners to expand or start a small to medium size business by granting them easy, convenient and quick access to finance and re-affirms QNB’s commitment to the important role played by SME’s as drivers of the economy, said QNB in a statement today.
The first product is a specialized “Turnover Facility” which supports companies with an annual bank account turnover of between QAR 2 million and QAR 20 million. Companies that “bank” with any bank in Qatar are also eligible to apply. Sponsors will need to provide a valid CR or the company’s incorporation documents, account statements covering at least one year and financial accounts. Alternatively, a set of valid management accounts will suffice to be eligible.
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 & pharmaceutical related companies, legal consultancies, financial advisory / consultancy offices, 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. Facilities can reach up to QR 2 million. All loans will be 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.
QNB’s objective of the two facilities is to enable Qatari entrepreneurs and SME owners to gain access to funding quickly through a simple process. The application requirements for both loans have been kept to the minimum to ensure a 24 hour decision time for applicants with a QNB corporate bank account. Approvals are subject to all terms and conditions being satisfied and that all applicants must have clean credit bureau reports.
In addition to the above two product launches, QNB is also extending its support to the Manufacturing and Tourism sectors. These sectors are crucial to Qatar’s 2030 National Vision and as such benefit from dedicated products. QNB support is extended through our “one stop shop” approach to SMEs. The complete package of products and services is available to customers through our dedicated branches and in collaboration with our many government and private sector partners.
Source : Qatar News Agency
