DOHA: As part of its efforts in promoting the industrial diversification of the energy-rich economy, Qatar National Bank (QNB) has announced the launch of seven SME-dedicated new products, said a press statement yesterday.
The new package of measures include a 24-hour decision time for Account Turnover Facilities and Professional Loans, tailored products for Manufacturing, Tourism, Education, Medical and Healthcare sectors and the introduction of a dedicated SME Business World Credit Card.
This initiative both follows on from the successful launch of “Business Banking”, an innovative platform studded with detailed business oriented solutions that will enable all current and future business owners to expand or start a small to medium size business.
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. Sponsors will need to provide a valid CR or the company’s incorporation documents, bank account statements covering at least one year and financial accounts. Alternatively, a set of valid management accounts will suffice to be eligible.
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/Consultancy offices, Accounting and Audit offices.
The “Professional Sectors Facility” is offered to companies that have been operating for more than one year. Companies that “bank” with any bank in Qatar are also eligible to apply. Facilities can reach up to QR2m. All loans will be disbursed in multiple tranches. The first tranche will be up to a maximum of QR500,000 and the balance will follow once the bank is satisfied that the previous tranche was successfully invested in the business.
Sponsors will need to provide proof of their monthly income and financial commitments along with a valid Commercial Registration or License or applicable document establishing the borrower as a separate legal entity.
The application requirements for both loans have been kept to the minimum to ensure a 24-hour decision time for applicants with a QNB corporate bank account. Approvals are subject to all terms and conditions being satisfied and that all applicants must have clean credit bureau reports.
In addition to the above two product launches, QNB is also extending its support to the Manufacturing, Tourism, Education and Medical & Healthcare sectors.
The Manufacturing Sector can avail itself of any number or combination of financial products. The finance options available cover Equipment, Infrastructure Loans, Business buy out, Vehicle loan and lease, Working Capital, Raw material 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 areas of Asset Finance, Tourism Premises, Business Buy-Out, Vehicle Loan and Lease, Working Capital and Refinancing of existing Term Loans or Working Capital.
Support of SME’s in the Medical and Healthcare sector, will see QNB offer Medical Equipment, Medical Facility Loan, Healthcare Buy-Out, Vehicle Loan and Lease, Medical Transportation, Working Capital and Refinancing of existing Term Loans or Working Capital Finance.
Finance available within the Education Sector to support SME operations will include Education Equipment, Premises, Business Buy-Out, Vehicle Loan and Lease, Working Capital and Refinancing of existing Term Loans or Working Capital facilities.
Finally, and an important and integral part of the comprehensive product offer, is the availability of the QNB Credit Card for SME’s. Through this card, SME’s can manage and control their day to day business expenses.
Hamad Al Jamali, Acting Head of SME’s, said: “Our continued growth of our SME unit enables us to continue adding to our product offering. With 16 professionals spread across our ever growing network of branches we can offer easily accessible advice to SMEs and reduce the turnaround time for loan applications.
For further information on QNB’s comprehensive package of products for SME’s, customers can visit one of its corporate branches or contact the QNB Call Centre on 44407777.