The Small and Medium Enterprises Bank (SME Bank), a development bank under the National Development Fund, announced allocating an amount of 10.5 billion riyals to support the small and medium enterprises sector, through existing and new financing programs offered by the Bank, including direct and indirect lending programs, financing guarantee, and investment solutions during the next three years.
This falls in line with the continuous support provided by the Saudi leadership and the efforts of SME Bank to provide innovative and scalable funding solutions to achieve the goals of the Kingdom's Vision 2030 and raise the sector’s contribution to the GDP to 35%.
SME Bank Acting Chief Executive Officer Abdurrahman bin Mohammed bin Mansour said that “SME Bank” seeks to increase the financing provided to small and medium enterprises,
and enhance the contribution of financial institutions in providing innovative financing solutions, which contributes to the growth and prosperity of this vital sector.
He also 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.
