More than 1,000 Saudi businesses benefit from $586.5mln in Monshaat funding

Overall, the ‘Kafalah’ program has provided more than $3.84bln in 8,718 guarantees

  
Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

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RIYADH: The General Authority for Small and Medium Enterprises (Monshaat) has financed 1,130 SMEs with about SR2.2 billion ($586.5 million) over 15 months through the end of March 2021.


Overall, the ‘Kafalah’ program has provided more than SR14.407 billion in 8,718 guarantees, Monshaat told the Al-Eqtisadiah newspaper.

The Kafalah program was founded in 2006 as a joint initiative between the Kingdom’s ministry of finance and Saudi commercial banks to help overcome SME financing constraints.

Monshaat said that financing could reach a maximum of SR7.5 million and there is no minimal range for applicants.

Enterprise Support Centers also offer a package of programs to develop small and medium enterprises and entrepreneurs, the Authority added.

Support is also offered in the form of training and networking with other companies operating in a similar field.

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