QNB continues to support SME Sector with the launch of seven new product offerings.

Posted on : Wed, 03 Sept 2014

Doha, 3rd September, 2014 – QNB, One of The World’s Strongest Banks, has announced its continued support of the important SME Sector in Qatar with the comprehensive launch of seven new product offerings. 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.

As the biggest bank in Qatar, 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 by granting them easy, convenient and quick access to finance and re-affirms QNB’s commitment to the important role played by SME’s as “drivers of the economy”.

The first product is a specialized “Turnover Facility” which supports companies with an annual bank account turnover of between QAR 2 million and QAR 20 million. 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% 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 QR 2 million. All loans will be disbursed in multiple tranches. The first tranche will be up to a maximum of QR 500,000 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.

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. 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. 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 our dedicated branches and in collaboration with our many government and private sector partners.

 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 in a convenient and easy way. The Credit Card will be made available within a couple of days allowing SME’s quick and reliable access to finance.

Commenting on the significant package of new measures, 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.

Our 7 new product offerings are designed to meet growing market and customer demands for enhanced finance facilities and these are aligned to and work in collaboration with our numerous government and private sector partners. We are especially proud to be able to offer a 24 hour turnaround time for Account Turnover Facilities and Professional Loans.

We will continue to grow the team and our product offerings to cover a wider spread of sectoral interests. As Qatar’s economy grows we believe that the requirement for sector products is essential as we see an increasing number of sectors reaching a critical mass and contributing to the diversification of the economy”.

QNB’s commitment to the SME Sector extends across a number of recent initiatives. Our “One Stop Shop” approach operates in collaboration with a number of different 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).

Following the successful participation in QITCOM, QNB launched the first SME online portal (www.businesspulse.qa) in partnership with Enterprise Qatar and Thomson Reuters. This will further strengthen the “One Stop Shop” service concept being promoted across a diverse range of economic sectors. Finally, QNB is also the main supporter of QDB Al-Dhameen SME program.

To cater for all SME enquiries and requirements, QNB has dedicated business and corporate branches located in Ein Khaled, Wakra, Al Khor, Industrial City, Mesaieed Industrial City, and QNB Head Office.