Interest subsidy refund cheques handed over to eight small businesses in Oman

Muscat: First installment of the interest subsidy refund cheques was handed over to eight small and medium enterprises (SMEs) by the SME Development Fund (SMEF).
The interest refund cheque was handed over by Raphael V. Parambi, CEO SMEF attended by other representatives of the fund. Subsidised interest refunds are made to customers at the end of every 12th month. The net interest paid by eligible SMEs is a very attractive four per cent per annum, on a reducing balance basis.
Speaking on the occasion, Parambi appreciated the rapid growth and professional approach of all the SMEs who had complied with the nurturing programme (linked to SMEF’s four point plan), comprising accounting support, free software, monitoring and mentoring.
The SMEs, who were handed the subsidy refund cheque, appreciated the nurturing support offered by SMEF and encouraged other SMEs to avail the service. They also opined that the accounting and monitoring support provided by SMEF over the last one year, has made them realise the importance of maintaining proper books of accounts and adhering to financial discipline to streamline their books of accounts. Many of them felt that this has made a difference and have been able to win the confidence and business of the large corporates in the country.
The eight SMEs who were handed over the subsidy refund were Al Hadaiya United; Bin Mowyeh National Trading & Contracting; Remal Al Arab Trading; NasimIbra Cleaning Services; Shaheen Sur Trading; TilalNimr Trading; Anwar Sadad Trading and Harweel International Co. The total subsidy refund amount handed over to this batch of SMEs was OMR43,000. Earlier five SMEs were refunded the interest subsidy.
The SME Development Fund (SMEF) has been established under the Sultanate’s offset programme, with the objective of developing entrepreneurship and financing small and medium enterprises in the Sultanate. It was launched in March 2014 and commenced operations in April 2014.
SMEF’s objectives are the financing and supporting of growing SMEs and the ‘creation’ of new entrepreneurs. Creating entrepreneurship, funding, nurturing and legitimising are the four point plan of SMEF. Under the Nurturing Plan, the fund supports entrepreneurs with accounting, software, monitoring and mentoring. Accounting support is provided by top accounting firms.