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SMEs undergoing KR Eshraqa ‘Tasees’ program eligible for ASMED’s Jahiziah scheme

Reaching yet another milestone in its endeavour to enhance entrepreneurship and innovation in the sultanate, Khimji Ramdas (KR) Eshraqa’s ‘Tasees’ pre-incubation program has been granted ‘approved’ status for the Authority of Small and Medium Enterprises Development’s (ASMED) popular Jahiziah scheme. This breakthrough makes every small medium enterprise (SME) owner undergoing the program eligible to apply for a loan with Oman Development Bank (ODB) under the Jahiziah scheme, at just two percent for 10 years!

ASMED’s conditions for being eligible to apply for the scheme include nationality (must be Omanis), having a project idea ready for implementation, and attending the entire length of a training program, such as that conducted by ‘Tasees’. Participants must also prepare a file on the project idea and pass an evaluation to be eligible for the ODB loan under the Jahiziah scheme.

‘Tasees’ Pre-incubation Tr5aining Programs introduce budding as well as existing SME owners having creative and feasible ideas, to business essentials that help them transform their preliminary idea or concepts into viable product or service offerings. Eventually leading them to form real-time businesses, within specific phases.

Discussing the role played by ‘Tasees’ in SME development and empowerment, Nailesh Khimji, Director, Khimji Ramdas Group said, “‘Tasees’ has helped nurture the dreams of aspiring Omani entrepreneurs and paved the way for several innovative businesses. With small businesses fast becoming the backbone of local communities and an engine for the national economy under Oman’s Vision 2040, it is important to ensure that SMEs have access to the right financial resources, insights and training. Eshraqa’s ‘Tasees’ programs have been designed in line with this; and we are extremely pleased that the participants of the pre-incubation program now have the opportunity to avail of ASMED’s renowned Jahiziah scheme.”

Haitham Khalid Al Qarni, Assistant Manager for Development and Empowerment, ASMED stated, “Our approval of Eshraqa’s ‘Tasees’ Pre-incubation program comes as a continuation and translation of the efforts made by ASMED to enhance the growth of the national economy. Eshraqa ‘Tasees’ Pre-Incubation have been developed keeping up with the needs of the SME sector, and aim to enable the sector to enhance their capabilities. Like Eshraqa’s ‘Tasees’, we encourage other private sector companies to come forward and do their bit in working with SMEs as a part of their social responsibility initiatives.”

Nadeem Ahmed, Chief Consultant – Eshraqa and Tasees Mentors mentioned: “Having the SMEs undergoing our pre-incubation program become eligible for ASMEDs Jahiziah scheme is a major milestone in ‘Tasees’ journey; as it continues to assist the SME ecosystem in Oman in collaboration with government entities such as ASMED. We are stoked that ‘Tasees’ efforts are taking progressive shape and being appreciated and recognised by the authorities.”

Established in 2018, ‘Tasees’ Entrepreneurship Academy is a part of Eshraqa, Khimji Ramdas’ Social Development Arm, and aims to play an important role in incubating, mentoring, and guiding budding entrepreneurs. It is a one-stop-solutions-provider for start-ups and SMEs, giving them the scope and opportunity to change the socio-economic fabric of Oman. To know more about Tasees and its programmes, log on to https://tasees.eshraqa.om/.

KR’s Eshraqa has been established on the premise that the private sector has a responsibility towards the development of local communities and empowering talented individuals in the Sultanate. By working towards nation-building at the grassroots, Eshraqa aspires to contribute meaningfully to socio-economic progress by building infrastructure and talent that will lead to the enhancement of knowledge, skills, and capabilities in society.