Key SME stakeholders address entrepreneurs’ challenges
Published: 04:09 PM,Sep 25,2024 | EDITED : 08:09 PM,Sep 25,2024
The session primarily focused on streamlining financing procedures, reducing approval times, and enhancing transparency to foster trust between entrepreneurs and financial institutions
Muscat: In a pioneering effort, the Small and Medium Enterprises Development Authority (SMEDA) held its first dialogue session aimed at improving financing procedures and addressing the challenges faced by entrepreneurs.
The event brought together key figures such as Halima bint Rashid al Zariyah, Chairperson of Small and Medium Enterprises Development Authority (SMEDA), Mahmoud bin Abdullah al Awaini, Secretary-General of the Ministry of Finance, and Hussain bin Ali al Lawati, CEO of the Development Bank, alongside a group of entrepreneurs benefiting from the Authority’s financing programme, Azm.
The session primarily focused on streamlining financing procedures, reducing approval times and enhancing transparency to foster trust between entrepreneurs and financial institutions. The Authority emphasised the development of flexible financing mechanisms that cater to the unique needs of SMEs at different stages of growth.
Halima bint Rashid al Zariyah stressed the importance of automating processes and minimising human intervention in loan disbursements to speed up approvals. Likewise, Hussein al Lawati announced that the Development Bank is working on a platform to provide entrepreneurs with real-time updates on their financing requests, ensuring transparency and accountability.
A key topic discussed during the session was the disbursement process, with entrepreneur Mohammed al Balushi, owner of Green Oasis Agricultural Company, highlighting the time delays that entrepreneurs face in securing financing. He called for faster, more efficient procedures to reduce obstacles and improve satisfaction among SME owners.
The session delved into four critical areas: Pre-financing, financing application, disbursement and post-financing stages, along with ensuring project sustainability.
Solutions were proposed, including automated systems and enhanced communication channels, to address challenges and increase the efficiency of financing services.
In a bid to strengthen the entrepreneurship sector, the Authority had previously launched nine financing programmes, with comprehensive information available on their website and social media platforms. By the end of June, 312 financing requests had been approved under the Azm lending portfolio, amounting to over RO 30 million.
This dialogue session is part of the Authority's ongoing commitment to promoting open communication and collaboration with SMEs across Oman, with a focus on developing sustainable financing practices to support long-term growth in the sector.
The event brought together key figures such as Halima bint Rashid al Zariyah, Chairperson of Small and Medium Enterprises Development Authority (SMEDA), Mahmoud bin Abdullah al Awaini, Secretary-General of the Ministry of Finance, and Hussain bin Ali al Lawati, CEO of the Development Bank, alongside a group of entrepreneurs benefiting from the Authority’s financing programme, Azm.
The session primarily focused on streamlining financing procedures, reducing approval times and enhancing transparency to foster trust between entrepreneurs and financial institutions. The Authority emphasised the development of flexible financing mechanisms that cater to the unique needs of SMEs at different stages of growth.
Halima bint Rashid al Zariyah stressed the importance of automating processes and minimising human intervention in loan disbursements to speed up approvals. Likewise, Hussein al Lawati announced that the Development Bank is working on a platform to provide entrepreneurs with real-time updates on their financing requests, ensuring transparency and accountability.
A key topic discussed during the session was the disbursement process, with entrepreneur Mohammed al Balushi, owner of Green Oasis Agricultural Company, highlighting the time delays that entrepreneurs face in securing financing. He called for faster, more efficient procedures to reduce obstacles and improve satisfaction among SME owners.
The session delved into four critical areas: Pre-financing, financing application, disbursement and post-financing stages, along with ensuring project sustainability.
Solutions were proposed, including automated systems and enhanced communication channels, to address challenges and increase the efficiency of financing services.
In a bid to strengthen the entrepreneurship sector, the Authority had previously launched nine financing programmes, with comprehensive information available on their website and social media platforms. By the end of June, 312 financing requests had been approved under the Azm lending portfolio, amounting to over RO 30 million.
This dialogue session is part of the Authority's ongoing commitment to promoting open communication and collaboration with SMEs across Oman, with a focus on developing sustainable financing practices to support long-term growth in the sector.