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ODB interest-free loans for businesses from today

4 Jul 2020

The Supreme Committee responsible for dealing with COVID-19 pandemic has entrusted Oman Development Bank (ODB) the responsibility to disperse interest-free loans and has also identified the most affected segments of society who will be eligible for it. ODB will start receiving applications for loans from July 5. 

In the implementation of Royal Directives of His Majesty Sultan Haitham bin Tarik, endorsing a programme of interest-free emergency loans to help business establishments that took the brunt of the pandemic, the Oman Development Bank will coordinate with other departments concerned, notably the Public Authority for Small and Medium Enterprises (Riyada) and Al Raffd Fund.

Dr Abdulaziz al Hinai, CEO, ODB, revealed the categories that will benefit from the loan programme. “Full-time taxi owners as well as driving school vehicle owners will benefit from the programme. This is in addition to women projects, especially cosmetic shops, beauty parlours and baby sitters who fall in the category of self-employed,” Dr Hinai said.

“Small and medium enterprises (SMEs), including borrowers of Al Rafd Fund, will also benefit. SMEs that are most affected, including ODB borrowers, will also be eligible,” he said, adding that the repayment period will be four years, of which six months is a grace period. 

The programme will target those who dedicate their full time to the management of their own businesses, in addition to SMEs whose owners hold Riyada Cards, including borrowers from Al Raffd Fund, micro business firms and the most stricken segment of borrowers, besides ODB customers.

“Application for loans will be through the branches of Oman Development Bank from Sunday, July 5, 2020,” Dr Hinai said, explaining that the emergency loans programme does not set a fixed sum for the beneficiaries. “The volume of loss incurred by the beneficiary is the main factor in considering loans,” he added.
 

 

 

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