Oman Development Bank : Apply For Tourism Loans

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

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

Apply For Tourism Loans :

The steps taken by the government to support tourism projects resulted in the increase in contribution of this sector in the national income.

Related : Oman Development Bank Apply For Fisheries & Livestock Loans : www.statusin.org/5489.html

Due to the elements and basic factors of tourist attraction in the Sultanate, the bank works towards encouraging investment in this sector through lending loans for setting up tourism projects or for the expansion of existing ones.

Who can request this service:
Customers who are willing to finance :
Hotels
Rest Houses
Hotel Apartments
Tourist Offices
Tourist Camps
Tourist Restaurants
Parks and amusement
Marine Tourism (i.e. Tourist Boats)
Movie Houses & Cinematheque
Other services within the tourism sector

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
Loan Application form – above 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.
The documents pertaining 3 quotations from contractors/suppliers of assets.
The feasibility study (Cost of Projects more than RO 100,000.

Special conditions if any applicable:
Organizations with Commercial registration in Oman.

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

Fee to be paid:
Fee to be paid :
Feasibility study fees from 50 RO to 250 depends on loan amount
Places of Payment:
Head office or nearest branch in the area

FAQs :
What is ODB?
Oman Development Bank (ODB), the leading development financing institution in the Sultanate, is a key partner in spearheading the nation’s economic and social development.

ODB strives hard to foster the nation’s development by actively participating in the government’s concerted efforts to enhance economic and social development.

ODB is a leading financial institution to the small and medium enterprises (SME) sector, providing financial assistance for a range of development activities as well as working capital finance to private enterprises.

In addition, the Bank also acts as an agent for
(i) distribution and collection of Government soft loans,
(ii) disbursement of amounts from the Agriculture and Fisheries Development Fund and SANAD Fund loans.

Apart from its operations at head office in Ruwi, Muscat, ODB has 14 branches and 2 regional branches spread in different geographical area of the Sultanate.

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.