Riyadh, Saudi Arabia — The Small and Medium Enterprises Bank of Saudi Arabia’s National Development Fund said Sunday it has allocated SAR 10.5 billion ($2.79 billion) to finance programs and products for the SME sector.
The Bank’s direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years in pursuit of the kingdom’s Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
This announcement coincides with the announcement of the joining of the venture capital company (SVC), which has allocated 3.2 billion riyals to support its role in stimulating and sustaining startup funding from pre-formation to pre-IPO by investing in funds and investing in startups.
Bank’s Acting CEO Abdulrahman bin Mansour Bin Mansour said the bank recently started six main financing products developed based on the needs of SMEs, which can apply for financing through the SME Bank website that provides access to more than 48 financing entities in the kingdom.
He also announced the joining of the Financing Guarantee Program for Small and Medium Enterprises (Kafalah) to the “Bank of Enterprises” group, which received the allocation of nearly one billion riyals to support its programs and expand its business.
