Apply For Small Investment Loans : Oman Development Bank

Name of the Organization : Oman Development Bank
Type of Facility : Apply For Small Investment Loans
Country : Oman

Official Website : http://www.odb.com.om/

Apply For Small Investment Loans :

Small projects have a prominent share in the development plan of the Sultanate as they provide job opportunities for many Omani citizens to secure and support their livelihood, and diversify their sources of income.

Related : Oman Development Bank Apply For Tourism Loans : www.statusin.org/5501.html

Therefore, ODB grants financial support to the small investors to encourage them to effectively take part in the comprehensive development of the Sultanate. The Bank provides loans for projects that do not exceed the capital of RO 20,000, where the Bank finances about 90% of the total cost which will not exceed the requirement for a bank loan RO 5000.

Who can request this service:
These loans finance:
People who are fully dedicated to manage their projects and have experience in the field of managing their business.
Graduates of Technical colleges and institutes who underwent training in the occupational & craft work.
Junior farmers and fishermen.
The owners of occupational & craft work at home who have the Commercial Registration issued by the Ministry of commerce and Industry (Industrial Omani incense – tailoring – leather Handicrafts – pottery – Beauty Parlors & Hairdressing).

Steps to follow to request the service:
A-Process steps:
Receipt of Application:
Receive Application
First Interview
Recommendation

Evaluation of Application:
Evaluation of Application
Risk Evaluation
Recommendation & Presentation Approval

Documentation & Disbursement:
Collateral Documentation
Agreements Disbursement

Follow up & Settlement:
Follow up
Repayment

B-List all forms/applications that need to be completed to apply for the service:
Initial loan application
Loan application form – up to RO 5,000

Download Forms :http://www.odb.com.om/Forms.aspx

What documents are needed to process:
Copy of the permit, registration, or approval issued from the concerned authority, whether for new or existing projects.
The official documents that show the legal entity of the project.
Documents pertaining to 3 quotations from contractors / suppliers of assets.

Special conditions if any applicable:
Citizens
Applicant must be at least 18 years of age

How the service is processed:
One Month after submission of documents.

Fee to be paid:
Feasibility study fees 10 RIAL OMANI

Places of Payment:
Head office or nearest branch in the area

FAQs :
What are the products/services offered by ODB?
ODB offers Development loans, working capital loans , seasonal loans for agricultural sector, etc. It accepts term deposits under ‘Izdihar’ saving scheme.

How much interest rate does ODB charge?
Loans are offered at a subsidized interest rate of 3% per year on reducing balances. It has also scheme of interest free loans to small investors seeking loan up to RO 5,000 with separate eligibility criteria.

What sectors does ODB finance?
** Educational Institutions
** Agricultural and Animal Wealth
** Fisheries Projects
** Industrial projects
** Tourism Projects
** Professional offices
** Small Workshops
** Traditional crafts

Does ODB finance for trading or real estate activities?
ODB does not finance ventures in trading, real estate development, contracting, etc.