The Small and Medium Enterprises General Authority “Monsha’at” signed several financing agreements with a group of local banks, with a total value exceeding SAR 15 billion, on the first day of the Biban 24 forum, which it organizes, to support entrepreneurs and SME owners in the Kingdom.
Monsha’at signed an agreement with the Saudi National Bank worth SAR 3 billion, aimed at enabling SMEs to obtain flexible financing solutions that meet their diverse needs and strengthen the sustainability of their businesses.
Al Rajhi Bank allocated, as part of Biban 24, a financing portfolio worth SAR 2.5 billion, aimed at providing innovative financing solutions that support expansion in the SME sector. Monsha’at also signed an agreement with Bank Albilad worth SAR 2.85 billion, aimed at providing flexible financial support to entrepreneurs in line with the objectives of Saudi Vision 2030, and an agreement with Riyad Bank worth SAR 3 billion, aimed at supporting and enabling entrepreneurs and SMEs through flexible financing solutions that allow them to expand their businesses and strengthen their sustainability.
Saudi Awwal Bank launched a financing portfolio worth up to SAR 1 billion during its participation in the forum, and announced the allocation of a financing portfolio worth SAR 1.1 billion, along with a new product dedicated to supporting e-commerce worth SAR 500 million, aimed at enabling online store owners to develop their businesses.
Monsha’at concluded an agreement with Alinma Bank worth SAR 800 million, and another with Banque Saudi Fransi (BSF) to allocate a financing portfolio worth SAR 700 million, to strengthen SMEs’ ability to grow and achieve their objectives.
These agreements and launches come as part of Monsha’at’s efforts to facilitate access for entrepreneurs and startup owners to the capital needed to develop their businesses and to provide flexible financial solutions with simplified procedures, strengthening the competitiveness of SMEs in the Kingdom and contributing to the diversification of the national economy, in line with Vision 2030.