QNB said its objective of the two facilities is to enable Qatari entrepreneurs and SME owners to gain access to funding quickly through a simple process.
QNB has launched four new product offerings in support of Qatar’s SME sector.
The initiative follows Qatar’s largest bank successfully launching “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, by granting them easy, convenient and quick access to finance.
It also re-affirms what QNB said its 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 QR2mn and QR20mn.
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, 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% 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 & 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 QR2mn.
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 licence or applicable document establishing the borrower as a separate legal entity.
QNB said its objective of the two facilities is to enable Qatari entrepreneurs and SME owners to gain access to funding quickly through a simple process. 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 two product launches, QNB is also extending its support to the Manufacturing and Tourism sectors. These sectors are crucial to Qatar’s 2030 National Vision and as such benefit from dedicated products. QNB support is extended through our “one stop shop” approach to SMEs. The complete package of products and services is available to customers through QNB’s dedicated branches and in collaboration with many government and private sector partners.
On the new offerings, Hamad al-Jamali, acting AGM (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 start-ups and established companies within the all SME sectors.
“We firmly believe that these four new offerings will benefit the operational and developmental needs of our SME customers and the introduction of 24 hour decision times for account turnover facilities and professional loans is particularly significant. This is another important package of initiatives aimed at supporting the pivotal SME sector” he added.
Commitment to the SME Sector extends across a number of recent initiatives. QNB’s “One stop shop” approach operates in collaboration with a number of partners. Government-affiliated partners include: EQ, Bedaya, Qatar Development Bank (QDB), Ministry of Information and Communications Technology (ICT), Ministry of Energy and Industry and Chamber of Commerce (QCC).
In the private sector, partnerships involve Qatar Building Company (QBC), Mannai Trading, Qatar Insurance Company (QIC), Qatar Life and Medical Insurance Company (QLM).
In addition, QNB recently hosted its first “Open day” for SMEs where they met with the bank’s partners and benefited from the products and services jointly on offer.
To handle and meet SME enquiries and requirements, QNB has set up dedicated business and corporate branches at Ein Khaled, Wakrah, Al Khor, Industrial City, Mesaieed Industrial City, Doha Industrial City and QNB Head Office.
