National Response Guarantee Program (NRGP)

In 2020, the Coronavirus pandemic took the entire world and its economies by surprise, making it an exceptionally challenging period for entrepreneurs worldwide. As part of Qatar's national response to the pandemic, there has been full cooperation among various government agencies to provide integrated support packages to private sector companies With is in mind, an agile strategy was put in place at QDB to address three areas of focus for entrepreneurs: Surviving the pandemic, Reviving their businesses amid ongoing challenges, and Thriving in the new economy. The Survive Program was delivered in multiple tranches for the SMEs to ensure a practical and necessary assistance to the private sector is implemented in the time of need. This program was one of the fastest and most far reaching legislative / financial instruments the was delivered to the public from design to implementation. 1. Our first initiative was the delay of loan repayments for SMEs without interest fees or charges for nine months. This also included a nine-month exemption of rental fees for QBIC (one of QDB subsidiaries) which is a a state-of-the-art business incubation center that helps entrepreneurs start or grow their business. 2. Additionally, special exemptions for tenants for various QDB owned and operated real estate units namely Al Furjan Markets– which offer SMEs spaces in commercial complexes – as well as Jahiz 1, and Jahiz 2 factories – which grant SME owners with innovative industrial and F&B projects the opportunity to lease ready-to-operate manufacturing facilities 3. In April 2020, We then launched the National Guarantee Program as part of the country's QAR 75 billion economic incentives package. o The program ensures that companies can finance their employee wage bills and pay rental fees The original stimulus package of the National Guarantee Program – which amounted to QAR 3bn – has recently been increased by an additional QAR 2bn, bringing the ceiling of the program to QAR 5bn. In addition to raising its ceiling, the program has been extended till mid-2021. Since its launch, the program has been playing a pivotal role in reducing the burdens of private sector companies and helping them overcome various challenges. To date, the program has issued guarantees to more than 4000 companies. 4. The entire suite of virtual consultation services and training for SMEs and entrepreneurs to help them better navigate this uncharted business environment This included relaunching our Situation Room, which deals with various aspects of the crisis, such as managing supply chain disruptions for SMEs, as well as providing the necessary technical support to help SMEs ensure business continuity and corporate productivity during these challenging times 5. We consider SMEs and entrepreneurs to be our trusted partners and we believe in their creative potential as well as their collective experiences. This inspired us to launch the Covid-19 Hackathon o This unique initiative is designed to source the collective intelligence of the entrepreneurship ecosystem in Qatar, in order to help develop innovative solutions to address the pandemic o The Hackathon has garnered over 1,500 applications and the winners are currently going through the prototyping stage for their proposed solutions. 6. And finally, we have also issued a special comprehensive guide for SMEs on how to deal with the crisis To ensure long lasting sustainability of our SMEs and private sector, the Revive program offered them the access to specialized advisory services and financing scheme to overcome business challenges while turning crises into opportunities and a platform for growth and development Thrive – The thrive phase supports SMEs to reinvent and overcome disruptions by encouraging SMEs to digitalize and adopt industry 4.0 through catered advisory and financing products. What's important to note here is that our COVID-19 response measures, was echoed by the governments objectives were to • Ensure SMEs and entrepreneurs are aware of the importance of business continuity and resilience • Help them acquire the knowledge, skills, and tools they need to tackle any existing or potential challenges and disruptions in the future • Provide them with all the support they need during challenging times and disruptive scenarios, so that they can focus on their core business activities and continue to innovate and play an important role in the private sector, as well as the overall economy in Qatar