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.
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, tourism, education and medical and healthcare sectors. These sectors are crucial to Qatar National Vision 2030 and as such benefit from dedicated products. QNB support is extended through its “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.
The manufacturing sector can avail itself of any number or combination of financial products. The finance options available cover equipment, infrastructure loans, business buy out, vehicle loan and lease, working capital, raw material and refinancing of existing term loans or working capital.
To set up and support a company’s operations in the tourism and leisure industry, QNB offers SME’s financing in the areas of asset finance, tourism premises, business buy-out, vehicle loan and lease, working capital and refinancing of existing term loans or working capital.
Support of SME’s in the medical and healthcare sector, will see QNB offer medical equipment, medical facility loan, healthcare buy-out, vehicle loan and lease, medical transportation, working capital and refinancing of existing term loans or working capital finance.
Finance available within the education sector to support SME operations will include education equipment, premises, business buy-out, vehicle loan and lease, working capital and refinancing of existing term loans or working capital facilities.
Finally, and an important and integral part of the comprehensive product offer, is the availability of the QNB credit card for SME’s. Through this card, SME’s can manage and control their day to day business expenses in a convenient and easy way. The credit card will be made available within a couple of days allowing SME’s quick and reliable access to finance.
Commenting on the significant package of new measures, Hamad Al-Jamali, QNB acting head of SMEs, said: “Our continued growth of our SME unit enables us to continue adding to our product offering. With 16 professionals spread across our ever growing network of branches we can offer easily accessible advice to SMEs and reduce the turnaround time for loan applications.
“Our seven new product offerings are designed to meet growing market and customer demands for enhanced finance facilities and these are aligned to and work in collaboration with our numerous government and private sector partners. We are especially proud to be able to offer a 24 hour turnaround time for account turnover facilities and professional loans.
“QNB’s commitment to the SME sector extends across a number of recent initiatives. Our ‘One Stop Shop’ approach operates in collaboration with a number of different partners” from the government and private sectors alike, Al-Jamali added.
Following the successful participation in QITCOM, QNB launched the first SME online portal in partnership with Enterprise Qatar and Thomson Reuters. This will further strengthen the ‘One Stop Shop’ service concept being promoted across a diverse range of economic sectors. Finally, QNB is also the main supporter of QDB Al-Dhameen SME program.
Source : Qatar News Agency
