The Authority for SME Development (ASMED) has started receiving applications for an incubation programme in its efforts to support innovative projects and prepare a generation of entrepreneurs to promote the small and medium enterprises (SME) sector.
The authority will receive applications from entrepreneurs wishing to benefit from the incubation programme in the governorates of Muscat (at the authority’s building in Ghala), Al Wusta (Duqm), and Dhofar (the authority’s branch in Salalah).
The incubation programme will provide resources and services needed to establish and develop project, build programmes designed to support creative ideas and emerging projects, and innovate and diversify activities to support the national economy.
The authority’s conditions to benefit from the incubation programme include the applicant clearing an interview with ASMED’s selection committee, and the owner of the enterprise or one of the partners being an Omani managing the project full-time.
The authority also stated that the number of employees in the enterprise must not exceed four, including the applicant who should not be an owner of an establishment or a partner in another company. Additionally, the applicant should not be a beneficiary or have previously obtained benefit from any incubator of any other government agency.
‘The employer must adhere to the incubator’s training and orientation programme, if accepted,’ an ASMED statement said.
The deadline for submission of applications is June 30. For more information, e-mail [email protected]
ASMED also confirmed that it has discontinued submission of credit report – Mala’a – as a prerequisite for emergency loan applications.
Applicants for emergency loans can attach the Mala’a if it is available and it may be requested at a later stage from the beneficiary according to the requirements and mechanisms of evaluation. Owners of SMEs holding an entrepreneurial card can also apply for an emergency loan.
The total number of SMEs registered with ASMED till the end of April 2021 stood at 52,524, compared to 44,139 in April last year, an increase of 19 per cent.
The Governorate of Muscat topped the list with 17,692 of the total registered SMEs, followed by North Batinah (8,310), Dakhliyah (6,554), and Dhofar (4,388).
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