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Further to the Continuous Support and Enablement by the Leadership: SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions
السبت - 11 مارس 2023
Sat - 11 Mar 2023
This comes in line with the continuous support and enablement by the leadership- may God bless them- and the efforts of SME Bank to provide innovative and scalable funding solutions in order to achieve the ambitious goals of the Kingdom's Vision 2030 and raise the sector’s contribution to the GDP to 35%.
The Acting Chief Executive Officer, Mr. Abdulrahman bin Muhammad bin Mansour, stated that “SME Bank” seeks to increase the financing provided to small and medium enterprises, and to enhance the contribution of financial institutions in providing innovative financing solutions, which contributes to the growth and prosperity of this vital sector, expressing his thanks and appreciation for the care and interest of the leadership to this vital sector
For his part, bin Mansour confirmed that the bank's business started recently by introducing 6 main financing products that were developed based on the needs of small and medium enterprises. SMEs can now apply for financing through the website of the SME Bank, which provides access to more than 48 financing institutions in the Kingdom.
It is worth noting that this announcement coincides with the news of consolidating the Saudi Venture Capital Company (SVC) with SME Bank group, for which 3.2 billion riyals are allocated to support the strategic growth of the company in developing investment products that enhance its role in stimulating and sustaining investment programs in startup from the pre-seed stage to market listing.
It was also announced that the Financing Guarantee Program for small and medium enterprises (Kafala) joined the SME Bank group, which had the allocation of nearly one billion riyals to support its programs and expand its product offering.
The Small and Medium Enterprises Bank was established by Council of Ministers Resolution No. (376) dated 04/07/1442 AH as one of the development funds and banks affiliated with the National Development Fund, which aims to increase financing provided to the small and medium enterprises sector, bridge the financing gap, and enhance the contributions of financial institutions in providing Innovative financing solutions, and achieving financial stability for this vital and important sector to be a basic pillar for economic development in the Kingdom of Saudi Arabia and an enabler for achieving Vision 2030.
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