In support of small and medium enterprises (SMEs) in various parts of the Kingdom, the Small and Medium Enterprise Bank (SME Bank) increased the financing provided to SMEs during the first half of 2023, giving more than SAR10 billion through all financing and investment agencies, and programs, under the bank umbrella.
The increase is an extension of the effective partnership between SME Bank, government agencies and financing and investment agencies, and comes within the framework of continuous support of the leadership, to strengthen the role of SMEs in the Kingdom's economy.
SME Bank's financing programs and funding gate provided over SAR2.8 billion to 720 enterprises. Entities that received the most finances were: wholesale units, construction and contracting companies, administrative activities enterprises, retail enterprises, healthcare institutions, and public service enterprises.
The total financing provided through the Small and Medium Enterprises Loan Guarantee Program “Kafalah” amounted to SAR 5.6 billion; 2,839 SMEs received support through it.
The number of fundings invested through the Saudi Venture Investment Company (SVC) increased to 34, and the number of investee companies exceeded 600.