Boosting SME Funding

Sharakah introduces some changes in funding scheme by increasing the fund limit to RO350,000, in addition to reducing the interest rate and increasing the credit period for its bill discounting scheme

Fund for Development of Youth Projects (Sharakah) has recently announced some changes in their funding schemes, increasing the fund limit from RO200,000 to RO350,000, with effect from July 1, 2017. Few other changes have also been introduced, including a reduction in the interest rate and increase in the credit period for the bill discounting scheme.

Says Abdullah Al Jufaili, general manager of Sharakah, “Every year we conduct an online survey asking our clients to share their opinion about Sharakah’s services. Increasing the fund limit has been one of the suggestions that was repeatedly proposed by SMEs. In addition, we maintain data of all applications that we receive. These data include reasons for not awarding financial support for any application and we have come across many SMEs that require more than RO200,000.”