DOHA: QNB has announced its continued support of the important SME sector in Qatar with the launch of four new product offerings. As the biggest bank in Qatar, this initiative re-affirms QNB’s commitment to the important role played by SMEs as “drivers of the economy”.
The first product is a specialised Turnover Facility, which supports companies with an annual bank account turnover of between QR2m and QR20m. Companies that “bank” with any bank in Qatar are also eligible to apply.
Successful loan applications will benefit from an overdraft facility which is up to 10 percent of the annual bank account turnover.
The second facility is aimed at addressing the needs of professional services companies. Eligible companies need to operate in the fields of engineering, engineering consultancies, medical and pharmaceutical related companies, legal consultancies, financial advisory and consultancy offices, accounting and audit offices.
The Professional Sectors Facility is offered to companies that have been operating for more than one year.
QNB’s objective of the two facilities is to enable Qatari entrepreneurs and SME owners to gain access to funding quickly through a simple process.
In addition to the above two product launches, QNB is also extending its support to the manufacturing and tourism sectors.
The manufacturing sector can avail itself of any number or combination of the following products including equipment finance, infrastructure loan, business buyout (to enable a sponsor to take over the assets of an existing manufacturing plant by acquiring infrastructure and equipment), vehicle loan and vehicle lease, working capital finance, raw material finance; and refinancing of existing term loans or working capital.
To set up and support a company’s operations in the tourism and leisure industry, QNB offers SME’s financing in the following areas: asset finance; tourism premises finance, business buyout, vehicle loan and vehicle lease, working capital finance.
Commenting on the significant package of new offerings, Hamad Al Jamali, Acting AGM of SMEs said: “QNB works closely with its SME customers to anticipate challenges and identify opportunities. Positioning itself as more than just a bank, QNB is a financing partner supporting the growth and prosperity of startups and established companies within the all SME sectors.”